Foreign reserves rise marginally to $37.26 billion by June 26

Foreign exchange reserves rose marginally to $37.26 billion on June 26, up 0.18 percent month-on-month, from $37.19 billion in May, data from the Central Bank of Nigeria (CBN) showed on Monday.

But the reserves were down 22.74 percent year-on-year, the data showed. Foreign reserves stood at $48.23 billion on June 26, 2013.

The external reserves which had declined to $36.697 billion on June 4, 2014, the lowest in over two years, rose by 1.61 per cent between June 4 and 26.

The CBN, under the leadership of its new governor, Godwin Emefiele, had highlighted shoring up the external reserves as one of its key targets.