The government says it is targeting $50 billion by the end of the year

Nigeria?s foreign reserves, which have been on the rise since last month as a result of appreciation in crude oil prices, climbed further to $39.758 billion as at Friday.

The Central Bank of Nigeria (CBN) revealed that the amount represented an improvement by $3.212 billion, compared with the $36.547 billion at which the reserves stood on August 1.

The last time the foreign reserves rose to almost $40 billion was in 2010.

The moderate demand for the US dollar at the forex market, especially the CBN?s regulated Wholesale Dutch Auction System (WDAS), has also supported the steady build-up of the reserves.

Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance, said that the federal government is targeting $50 billion in foreign reserves by the end of the year.

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