Nigeria’s foreign reserves increased to 36,624 USD Million
on May 15, 2023, from 36,500 USD on May 8.
This is according to the Central Bank of Nigeria’s recent
data.
The increase represents a margin rise in less than seven
days.
The development comes amid the continued fall of the Naira
against the Dollar.
Months ago, Nigeria’s Foreign Exchange Reserves decreased to
36.7 USD million in Feb 2023, compared with 37.0 USD million in the previous
month.
Foreign exchange reserves are assets held on reserve by a
monetary authority in foreign currencies. It influences the foreign exchange
rate of its currency and maintains confidence in financial markets.
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