Nigeria’s external rises to $35.05bn despite Naira depreciation

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Nigeria’s external reserves rose to a one-year high of $35.05 billion under President Bola Ahmed Tinubu despite Naira’s depreciation against the dollar at the foreign exchange market.

This is according to the Central Bank of Nigeria’s data on external reserves movement as of Monday, July 8.

According to available data, the last time the reserve reached this height was May 30, 2023, a day after the president’s inauguration when it was $35.05 billion and before the unification of the naira in June.

The latest external reserve represents a significant rise from the $34.66 billion recorded as of July 4, 2024.

However, despite the country’s increase in external reserves, the Naira has continued on a downward trend against the dollar, and other foreign currencies for days.

This is as the Naira slumped further to N1561.98 per dollar on Wednesday from N1532.58 traded the previous day.

Consequently, Nigeria’s foreign exchange crisis has remained unabated despite the recent rise in external reserves.

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