Nigeria’s foreign reserves have seen a significant increase of $262 million after weeks of decline, according to the Central Bank of Nigeria’s latest figures, which show that the country’s foreign reserves experienced an upward trend, rising to $32.369 billion as of May 6, 2024, marking an improvement from a one-month low of $32.107 billion.
According to data from the Central Bank of Nigeria (CBN), the reserves stood at $34.450 billion on March 18 but subsequently declined to $32.107 billion on April 19.
However, between April 19, 2024, and May 6, 2024, there was a recent increase in the Nigerian government, resulting in a rise in the country’s foreign exchange reserves from $32.107 billion to $32.369 billion.
Despite this development, Nigeria’s foreign exchange crisis continues to persist, and since the start of the week, the Naira has seen more depreciation than appreciation, further depreciating to N1,421 per dollar at the FX market on Wednesday.
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