The Central Bank of Nigeria’s most recent numbers revealed an increase in the country’s foreign reserves. Nigeria’s reserves grew to $32.369 billion as of May 6, 2024, up from a one-month low of $32.107 billion. According to CBN data, reserves stood at $34.450 billion on March 18, but fell to $32.107 billion on April 19. However, with the recent boost in the Nigerian government between April 19, 2024 and May 6, 2024, the country’s foreign exchange reserves increased from $32.107 billion to $32.369 billion.
However, with the recent boost in the Nigerian government between April 19, 2024 and May 6, 2024, the country’s foreign exchange reserves increased from $32.107 billion to $32.369 billion. Meanwhile, the country’s foreign exchange issue persists. Since the beginning of this week, the Naira has depreciated rather than appreciated. On Wednesday, the Naira fell further to N1,421 per dollar in the foreign exchange market.
