Recent data shows that Nigeria’s foreign exchange reserves have increased by $262 million after a period of decline.
The Central Bank of Nigeria has reported a positive movement in the country’s foreign reserves.
As of May 6, 2024, Nigeria’s reserves have reached $32.369 billion, showing improvement from a previous dip to $32.107 billion within a month.
Reports from the CBN indicate that the reserves were at $34.450 billion on March 18 but decreased to $32.107 billion by April 19.
With the recent changes in the Nigerian government between April 19, 2024, and May 6, 2024, the FX reserves have shown an increase from $32.107 billion to $32.369 billion.
However, the country continues to face a foreign exchange crisis.
Throughout this week, the Naira has experienced more depreciation than appreciation. On Wednesday, the Naira depreciated further to N1,421 per dollar in the FX market.