Nigeria, July 13 -- The News Chronicle reports that Nigeria's external reserves have climbed above $51 billion, driven by higher crude oil earnings, foreign portfolio investments and improved debt inflows. Attractive Treasury Bill yields and the Central Bank of Nigeria's benchmark interest rate have also continued to draw foreign investors, helping to strengthen confidence in the official foreign exchange market.

Though rising business demand for dollars ahead of the Christmas season may temporarily push the exchange rate above N1,400, analysts predict the naira may remain relatively steady over the next several months.

The US dollar has, meanwhile, made progress worldwide as Middle East conflicts have flared up once more, therefore sp...