Foreign reserves hits 10-month high as Naira trades at 498/$

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January 19, 2017

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The Nigerian foreign reserves on Thursday hit a 10-month high peaking to $27.378 billion, which is also its highest point in 2017. This is even as the naira is currently trading at 498 to the dollar, defying the movement in reserves.

In 2017, the foreign exchange has added over $1 billion, climbing out of an 11-year low. The naira was however seen as trading at 305 per dollar at the official side of the foreign exchange market.

The British pound and euro were trading at 596 and 520 respectively at the parallel market, while also exchanging for 388, 337 at the official side.

Business Editor, Lekan Okeowo

Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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