Nigeria’s external reserves saw a notable increase of $424.68 million between August 30 and September 10, climbing from $36.305 billion to $36.730 billion.
This 1.17% rise over 11 days reflects a positive trend in the country’s financial situation.
After a slight dip to $36.244 billion on September 2, the reserves recovered and matched the August 30 level by September 4.
The increase was most significant between September 6 and September 9, when reserves surged by $250 million.
This growth continued, with reserves reaching $36.730 billion by September 10.
The Central Bank of Nigeria credited the rise to developments in the foreign exchange market, changes in international trade patterns, and structural shifts in the economy.
It earlier reported that reported that Nigeria’s foreign exchange reserves dipped by $342.97m to $36.53bn in nine days, according to data from the Central Bank of Nigeria.
The decline in the country’s foreign exchange reserves comes amid the recent sale of $876.26m to meet demands from importers and other users through the Retail Dutch Auction System.
