Oil producing Angola's foreign exchange reserves rose for a third straight month to $15.36 billion in April from $13.78 billion in March, bolstered by higher oil prices and exports, the central bank said on Friday.

The African nation depends on oil exports for over 90 percent of its foreign exchange earnings.

The rise in reserves may help Angola settle over $2 billion in arrears with construction firms and meet International Monetary Fund's demands that will allow it to continue to tap into a $1.4 billion loan agreed with the U.S-based lender last year.

Angola rivals Nigeria as Africa's biggest oil producer.