LEGIT NG
After several weeks of depletion, Nigeria’s foreign exchange reserves have increased marginally by about $262 million in 19 days.
Data from the Central Bank of Nigeria (CBN) reveals an uptick in reserves, closing at $32.369 billion as of May 7, 2024, up from the $32.107 billion recorded in the previous month.
Nigeria’s reserves have experienced a steady decline from $34.45 billion in March 2024 due to falling oil prices, debt servicing, and other CBN obligations.
The decline in the reserves led to the speculations that the apex bank was defending the naira with reserves.
According to reports, the Nigerian FX reserves witnessed a decline of about $2 billion in April.
The CBN denied the reports that it was not intervening in the foreign exchange markets with the proceeds from the reserves.
