Nigeria, June 17 -- New data from the Central Bank of Nigeria reveal a two-week increase of almost $1.01 billion in gross foreign reserves from $49.80 billion on June 1 to $50.81 billion by June 15.



The News Chronicle reports that the constant increase keeps up the good trend observed in May when reserves rose by about $1.22 billion. Improved foreign exchange market liquidity, consistent inflows, and the results of ongoing currency changes help analysts to explain the increase.



The reserve level exceeded $50 billion during the first week of June and has been strengthening ever since, which is among the most remarkable short-term gains noted this year. Reserves have grown by almost $2.24 billion since mid-May, while over the last ...