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Nigeria’s foreign reserves increase by $123.3m in July

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Emefiele Godwin

Nigeria’s external reserves returned to growth in July gaining $123.3 million after months of consecutive declines.

This is according to the latest figures obtained from the Central Bank of Nigeria on Wednesday.

CBN data showed that the reserves, which stood at $33.27billion on July 1 increased to $33.40 billion by July 30.

It was observed that the slight increase for the month of July came after a $300 million addition to reserves in a two-week which pushed the reserves to $33.08 billion on July 12.

Read also: Nigeria’s foreign reserves drop by $2.3bn in first half 2021

The increase in reserves will be welcomed by the Nigerian economy as the CBN intensifies its efforts to stabilize the Naira.

Ripples Nigeria previously reported that reserves fell by $905.5 million in June, falling to $33.32 billion at the end of June 30 from $34.23 billion on May 31.

As at April 30, The reserves stood at $34.88bn CBN data shows.

Despite the month of July’s improvement, a year-to-date (YtD) check reveals that reserves are still down $1.99 billion, or 5.6%, from the $35.37 billion recorded on December 31st, 2020.

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