Nigeria’s foreign reserves increased to 36,624 USD Million on May 15, 2023, from 36,500 USD on May 8.
The supposed skyrocket in the reserve was revealed by the Central Bank of Nigeria’s recent data.
The increase represents a margin rise in less than seven days.
The development comes 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 a monetary authority in foreign currencies. It influences the foreign exchange rate of its currency and maintains confidence in financial markets.
