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 obtained by PUNCH Online from the Central Bank of Nigeria’s website on Sunday, 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.
The steady increase in the foreign reserve is a welcome development for the Nigerian economy, which has faced challenges in recent times.
The PUNCH reported that 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.
