Nigeria’s external reserves have climbed to a one-year high of $35.05 billion under President Bola Ahmed Tinubu, despite the Naira’s depreciation against the dollar in the foreign exchange market.
Data from the Central Bank of Nigeria, as of Monday, July 8, shows this significant rise in reserves.
The last time the reserves were at this level was on May 30, 2023, just a day after President Tinubu’s inauguration, when it stood at $35.05 billion.
This was before the unification of the Naira in June. The current reserve level represents a substantial increase from the $34.66 billion recorded on July 4, 2024.
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However, despite this increase in external reserves, the Naira has continued to decline against the dollar and other foreign currencies.
On Wednesday, the Naira further weakened to N1561.98 per dollar, down from N1532.58 traded the previous day.
As a result, Nigeria’s foreign exchange crisis persists despite the recent rise in external reserves.
