External reserves gain $500m in one week

Godwin Emefiele

According to Punch, Nigeria’s external reserves rose by $500m in one week to the highest point in more than two months, according to the latest data from the Central Bank of Nigeria.

The external reserves, which have been wobbling in recent weeks, jumped from $33.43bn on August 23 to $33.93bn on Monday, the highest since June 11.

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

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

The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

It, however, rose to 526 against the greenback at the parallel market on Tuesday.

The local currency, which had been on a downward trend in recent weeks, fell to 524/$1 last Friday from 522/$1 on Thursday.

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