Foreign reserves rise to $39.6bn on August 26

Foreign reserves rose from the $39.06 billion recorded last month to $39.62 billion on August 26, data from the Central Bank of Nigeria (CBN) showed on Friday.

The 1.43 percent rise was due to offshore inflows into the local bond market helped the naira currency stabilise.

Reserves were down 15.5 percent from the same period last year, when they stood at $46.89 billion.