Nigeria’s external reserves recorded an increase of $424.68 million between August 30 and September 10, highlighting an improved financial outlook for the country.
Data sourced from a report by the Central Bank of Nigeria and analysed on Thursday showed the rise in the country’s foreign exchange reserves.
The reserves, crucial for stabilising the naira, financing imports, and managing external obligations, rose from $36.305bn on August 30 to $36.730bn by September 10, representing a 1.17 per cent increase over the 11 days.
External reserves are foreign-denominated assets held by a central bank to back liabilities and influence monetary policy.
However, a slight dip to $36.244bn was recorded on September 2, representing a minor decline of $61m. This was followed by a recovery, with the reserves rising to $36.274bn on September 3, reflecting a gain of $30m.
A further analysis of the report indicated that on September 4, the…