Following several weeks of a downward trend, Nigeria’s foreign exchange reserves have witnessed a marginal resurgence of about $262 million over 19 days.
The Central Bank of Nigeria’s (CBN) latest figures reveal a cautious upward adjustment, with reserves inching up to $32.369 billion as of May 7, 2024, from a one-month dip of $32.107 billion.
The reserves experienced a steady decline from $34.45 billion on March 18th, largely due to the interplay of dwindling oil prices, debt service costs, and other obligations of the CBN.
The reserve is currently at a 26-day high when compared to the April 12, 2024 figure of $32.612 billion.
Nigeria’s FX reserves experienced a notable decline for a little over a month, beginning at $34.450 billion on March 18th.
The reserves slightly declined to $32.110 billion on the 18th and hit the lowest mark of the observed period at $32.107 billion on the 19th.
However, a subtle turnaround was seen with a slight uptick. Between April 19, 2024, and May 7, 2024, Nigeria’s foreign exchange (FX) reserves experienced a steady and consistent increase, rising from $32.107 billion to $32.369 billion.
While the climb is slight, it introduces a positive note in the country’s economic narrative, which has been dominated by concerns over the stability of the Naira and the ability to meet international trade and debt obligations.
Nairametrics earlier reported that Nigeria’s foreign exchange (FX) reserves maintained a one-month dip streak, reaching a new low of $32.12 billion on April 17, 2024.
The reserves dropped by $2.33 billion in 31 days, from $34.45 billion on March 18, 2024, marking the lowest level since September 20, 2017, when they were $32.08 billion.