DESPITE instability in crude oil prices at the international market, the country’s foreign exchange reserves rose to a two-year high of $38.38 billion by August 27, representing 5.35 per cent up on the record of the previous month, which stood at $36.43 billion.

According to the data displayed at the Central Bank of Nigeria (CBN) website, the foreign reserves stood at $33.47 billion a year ago.

Only on Tuesday, the Federal Government appointed a team to invest the proposed Sovereign Wealth Fund (SWF).

Finance Minister, Dr (Mrs) Ngozi Okonjo-Iweala, said the fund would start with a cash hoard of around $1 billion.

She also said by the end of the year, the team would have laid out plans for the $1 billion, but did not say when investments would start.

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