Nigerian Foreign Reserve Gains US$633.12m in 3 weeks

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CEM REPORT | Nigerian foreign reserve has climbed to US$39.055bn as at June 27 according to data obtained from the Central Bank of Nigeria.

The nation’s reserve added US$633.12m within three weeks period rising from US$38.42, a figure as at June 6, 2022 after a steep fall for over 3 consecutive month period. The figure which stood at US$39.615 in April 28 had continued its nose diving before regaining a level of balance

The rise in foreign exchange runs opposite to the depreciating naira which has fallen to 615 per dollar at the parallel market according to Wednesday’s market figures.

This is attributed to the performance of crude price in the international market which has remained above US$100 per barrel for several months and sometimes hitting US$130 per barrel. This coupled with the trade surplus in the last merchandise trade report by the Nigerian Bureau of Statistics where export rose by 23.1% quarter-on-quarter while import dropped by 0.7% within the same period.

These have aggregated to narrow down depletion of the reserve in the period under review.

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