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Nigeria’s Foreign Reserves Experience $262m Boost Following Weeks of Decline |
The Central Bank of Nigeria’s recent data indicates a positive trend in the nation’s foreign reserves.
Nigeria’s foreign exchange reserves have seen a boost of $262 million after a period of consistent decline.
The Central Bank of Nigeria’s recent data indicates a positive trend in the nation’s foreign reserves.
In particular, Nigeria’s reserves climbed to $32.369 billion as of May 6, 2024, marking an increase from the one-month low of $32.107 billion.
CBN’s records reveal that the reserves were at $34.450 billion on March 18, but fell to $32.107 billion by April 19.
Nevertheless, from April 19, 2024, to May 6, 2024, there has been an uptick, with the country’s FX reserves growing from $32.107 billion to $32.369 billion.
Despite this, Nigeria continues to face a foreign exchange crisis.
With the start of this week, the Naira has depreciated more than it has appreciated. On Wednesday, the Naira dropped further to N1,421 per dollar in the FX market.
