Nigeria’s foreign reserves on the rise again after 13 days of straight gain

Nigeria’s reserves are on the rise again, in a twist from the recent months of massive withdrawals without any dollar added.

According to data from the Central Bank of Nigeria obtained by Ripples Nigeria, since the start of April 2022, Nigeria has added $187.8 million to the reserves.

Nigeria’s foreign reserves rose to $39.72 billion as at April 13, 2022, compared to $39.53 billion it started the month.

In fact, since the start of the month, Nigeria’s reserves have increased consistently.

Read also: Naira appreciates against US dollar, Euro, British Pounds at official market

The data on the nation’s foreign reserves are constantly kept on close watch given that it connects to the country’s ability to meet up with the demand for forex in the foreign currency market.

Hence, the drop in reserves will be a source of concern for the CBN as it attempts to reduce the pressure in the forex market.

In recent weeks, the lack of sufficient dollars at the official market has seen black market traders smile daily to the bank.

While the official rate hovers around $416/$ the black-market traders sold above $590/$.

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