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.
