Nigeria’s external reserves rises to $39.83bn

Nigeria’s external reserves recorded the first week-on-week increase in 16 weeks, rising to $39.836 billion last week on the back of rising prices of crude in the global amid Russia-Ukraine tensions.

Data from the Central Bank of Nigeria, CBN, showed that the external reserves rose to $39.836 billion on Wednesday February 23rd, representing a $55 million WoW increase from $39.781 billion Wednesday February 16th, the previous week.

The above, which represented the first WoW increase since October 29th last year, followed a 15 weeks persistent decline, during which the reserves fell by $2.05 billion to $39.776 billion on February 14th, driven by increased dollar sales by the CBN in its bid to stabilise the official exchange rate around the N415 per dollar mark.