Nigeria’s foreign exchange reserves have recorded a gain of $262 million in about three weeks. over 19 days.
Figures from the Central Bank of Nigeria’s (CBN) show that the reserves rose to $32.369 billion as of May 7, 2024, from a one-month dip of $32.107 billion.
The reserves had experienced a decline from $34.45 billion on March 18th, following a drop in oil prices, debt service costs, and other obligations of the CBN and by the end of March, it dropped to $33.827 billion.
The descent continued in April and by April 19, had dropped to $32.107 billion.
However, between April 19 and May 7, 2024, the reserves rose to $32.369 billion.
Overall, this period saw an increase of $0.262 billion in Nigeria’s FX reserves.
