NIGERIA’S external reserves increased by 0.061 per cent on Thursday, July 14, 2022 to stand at $39.430 billion from $39.423 billion recorded as of the previous day representing a $6,883,926 increase.
This represents the 25th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Meanwhile, the World Bank recently disclosed that Nigeria’s external reserves are expected to decline as the Central Bank of Nigeria (CBN) is…
Source: Nigerian Tribune