Nigeria‘s foreign reserves rose to $48.84 billion by April 26, 0.59 percent up on the previous month, the latest figures from the central bankshowed on Tuesday, as Africa’s top energy producer booked more savings from its crude exports.

The forex reserves of the continent’s second biggest economy stood at $48.55 billion a month earlier, while they stood $36.48 billion a year ago.

Nigeria’s reserves have been hovering around four year highs for the past two months. The central bank said last month that reserves at present levels could finance over 13 months of imports.

Dealers however said the rate of accumulation is likely to slow down next month as the central bank increases dollar sales to meet strong demand from importers.

Source: Reuters