Business
Nigeria’s Foreign Reserves Rise To $36,624m
The Central Bank of Nigeria (CBN) has revealed that Nigeria’s foreign reserves has increased to 36,624 million USD on May 15, 2023, from 36,500 USD it was on May 8.
This increase was unveiled in the latest official date released by the apex bank at the weekend.
The increase, according to the latest date, represents a margin rise in less than seven days, coming 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 the monetary authority in foreign currencies. It influences the foreign exchange rate of its currency and maintains confidence in financial markets.
By: Corlins Walter