Just In: External Reserves Advance $500m in One Week

The external reserves of Nigeria rose by $500 million in one week, amounting the highest point in more than two months.

This information is made available through the latest data sourced from the Central Bank of Nigeria (CBN).

On Monday, the reserves which have been quivering since June 11, jumped from $33.43 billion on August to $33.93 billion, making it the highest in two months.

The CBN data showed that the reserves fell to a record low of $33.09 billion on July 12 from $34 billion on June 10.

In a related pedestrian, the naira appreciated against the dollar on Tuesday at both the parallel market and the Investors’ and Exporters’ foreign exchange window.

The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.