After 10 Weeks Decline FX Reserve Rises to $32.8bn
After a 10-week dip of $1.8bn, Nigeria’s foreign exchange reserve has shown a steady increase over the past six days, indicating a recovery process for the economy’s external reserve.
According to data from the Central Bank of Nigeria’s, the foreign reserve stood at $32.80bn on June 6, 2024, indicating an increase of $110m from $32.69bn on May 31.
This upward trend has been consistent over the past six days, with the reserve increasing from $32.74bn on June 3 to $32.77bn on June 4 then $32.79bn on June 5 before the current value.
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The steady increase in the foreign reserve is a welcome development for the Nigerian economy, which has faced challenges in recent times.
The reserve had dipped by $1.8bn between March 18 and May 29, 2024, sparking concerns about the country’s ability to meet its financial obligations.
However, the recent increase suggests that the economy is on the path to recovery.
The foreign reserve is a critical component of a country’s economic health, as it serves as a buffer against economic shocks and provides the means to settle international obligations.
With this steady increase, Nigeria’s foreign reserve is expected to continue to grow, bolstering investor confidence and supporting economic growth.