The Nigeria foreign exchange reserves have risen to a three-month high of $24.97bn from a low of $23.89bn.

The latest data from the Central Bank of Nigeria show the reserves dropped by 15.9 per cent from last year when it closed at $29.7bn.

At the end of November, the reserves stood at $24.77bn, up from $23.95bn in October.

They noted that the monthly average movement had been an outflow of $430m over the past 12 months.