According to the latest figures from the Central Bank of Nigeria, Nigeria’s external reserves increased by $500 million in one week, reaching their highest level in more than two months.
The reserves, which had been fluctuating in recent weeks, increased to $33.93 billion on Monday, the highest level since June 11.
According to CBN data, reserves dipped to a record low of $33.09 billion on July 12 from $34 billion on June 10.
In a similar event, the naira strengthened against the dollar on Tuesday in both the parallel market and the foreign currency window for Investors and Exporters.
The naira continued to fall on Monday, hitting an all-time low of 527 versus the dollar on the parallel market.
On the other hand, it surged to 526 versus the dollar on Tuesday in the parallel market.
Last Friday, the local currency, which has been on the decline in recent weeks, plummeted to 524/$1 from 522/$1 on Thursday.
According to FMDQ Group, the naira rose more at the Investors and Exporters window on Tuesday, rising to 411.08/$1 from 411.63/$1 on Monday.
After dropping to 525/$1 on the parallel market on July 28, a day after the Central Bank of Nigeria ceased selling foreign money to Bureaux de Change, the naira strengthened to 506/$1 on August 4.
Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced the suspension of forex sales to BDCs on July 27 at the end of the Monetary Policy Committee meeting, claiming that they had become “agents that facilitate graft and corrupt activities of people seeking illicit fund flow and money laundering in Nigeria.”