Kenya, East Africa’s biggest economy and a net oil importer, is benefiting from low crude prices. Foreign reserves have risen about 10 percent in the past year to a record $7.6 billion as the import bill shrank and the central bank bought dollars to prevent the shilling from strengthening. In Nigeria, the continent’s biggest oil producer, reserves have crashed 27 percent since mid-2014 to $27.3 billion, the lowest level in more than a decade, as oil revenue dwindled.
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