Nigeria’s foreign reserves surge by $262m after weeks of decline

Nigeria’s foreign exchange reserves have recently surged by $262 million after weeks of decline.

The Central Bank of Nigeria’s latest figures showed an upward movement of the country’s foreign reserves.

Specifically, Nigeria’s reserves rose to $32.369 billion as of May 6, 2024, an improvement from a one-month dip of $32.107 billion.

According to CBN’s data, the reserves stood at $34.450 billion on March 18 but declined to $32.107 billion on April 19.

However, with the recent uptick in the Nigerian government between April 19, 2024, and May 6 2024, the country’s FX reserves experienced a rise from $32.107 billion to $32.369 billion.

Meanwhile, the country’s foreign exchange crisis has persisted.

Since this week’s commencement, the Naira has had more depreciation than appreciation. On Wednesday, the Naira further depreciated to N1,421 per dollar at the FX market.