Nigeria’s external reserves increased to $35.05 billion on July 8 — the highest since May 30, 2023.
Data from the Central Bank of Nigeria (CBN) show that the foreign reserves rose by $280 million from $34.77 billion on July 5.
The country’s foreign reserves have recorded steady increases with the current figure being the highest so far in the year.
Between July 1 and $, the foreign reserves rose from $34.34 billion to $34.43 billion, 34.55 billion, and $34.66 billion.
The latest data is also the first time Nigeria’s external reserves would reach such levels since May 30, 2023 (at $35.09 billion).
Meanwhile, despite the positive movement in foreign reserves, the naira weakened at the close of business on Wednesday, trading at N1,561 against the dollar at the official market.
