The first half of the year saw Nigeria’s external reserves peaked at $30.27 billion, indicating a rise by 16% from the January figure of $26.27 billion.
Data from the website of the Central Bank shows that nearly $6 billion was sold at the foreign exchange market during the period.
CBN Director, Banking Supervision, Ahmed Abdulahi says the nation’s reserves are adequate to sustain its interventions despite a recent decline in oil price.
The price of oil, the major foreign exchange earner of the country has in recent times fallen, dropping to $47 per barrel.
At the Investors and Exporters window, the naira traded at N366 to the dollar having firmed to N340 last week.