After a 10-week dip of $1.8bn, Nigeria’s foreign exchange reserve has shown a steady increase over the past six days, indicating a recovery process for the economy’s external reserve.

According to data obtained by PUNCH Online from the Central Bank of Nigeria’s website on Sunday, the foreign reserve stood at $32.80bn on June 6, 2024, indicating an increase of $110m from $32.69bn on May 31.

This upward trend has been consistent over the past six days, with the reserve increasing from $32.74bn on June 3 to $32.77bn on June 4 then $32.79bn on June 5 before the current value.

The steady increase in the foreign reserve is a welcome development for the Nigerian economy, which has faced challenges in recent times.

The PUNCH reported that the reserve had dipped by $1.8bn between March 18 and May 29, 2024, sparking concerns about the country’s ability to meet its financial obligations.

However, the recent increase suggests that the economy is on the path to recovery.

The foreign reserve is a critical component of a country’s economic health, as it serves as a buffer against economic shocks and provides the means to settle international obligations.

With this steady increase, Nigeria’s foreign reserve is expected to continue to grow, bolstering investor confidence and supporting economic growth.

PUNCH Online reported that the naira rebounded against the United States dollar in late March at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market.

This came as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, fulfilling a key pledge of the apex bank governor, Mr. Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

PresidObi:
Who saw the reserves?

Am sure the woman selling garri at Bodija market didn't view the external reserves, and that means the prices of foodstuff will remain same, or keep rising since the reserves can still 'varnish' like the money in 2 billion Vans that entered bourdillion street.

Today is Sunday, I come in peace.

PresidObi:
Who saw the reserves?

Am sure the woman selling garri at Bodija market didn't view the external reserves, and that means the prices of foodstuff will remain same, or keep rising since the reserves can still 'varnish' like the money in 2 billion Vans that entered bourdillion street.

Today is Sunday, I come in peace.

EmperorCaesar:


When the news broke out about how the reserve keeps getting depleted, u believed it without questioning
Now it's a positive news and u just have to doubt it

Obidients affinity to negativity is second to none

You all needs psychological cleansing

helinues:


When they said it was declining, did you see it also?

EmperorCaesar:


When the news broke out about how the reserve keeps getting depleted, u believed it without questioning
Now it's a positive news and u just have to doubt it

Obidients affinity to negativity is second to none

You all needs psychological cleansing

helinues:


When they said it was declining, did you see it also?

Lindlady:
A gateman is needed at a private residence in Ibadan. The pay is attractive.

PresidObi:
Who saw the reserves?

Am sure the woman selling garri at Bodija market didn't view the external reserves, and that means the prices of foodstuff will remain same, or keep rising since the reserves can still 'varnish' like the money in 2 billion Vans that entered bourdillion street.

Today is Sunday, I come in peace.

Hez143:

Am sure if reverse is the case, you wouldn't asked who've seen the reserve.At least be happy for your country for once.Hate is heavy!!!

PresidObi:


Did the woman selling Garri at Bodija market see it?

helinues:


Kindly assist with the notorious NL troller.

Thanks

helinues:


Did they see it too when it was declining?

Simple question

Good news about una country dey always sound bad to some of una. What could be the reason?

PresidObi:


You're now sounding confused, I told you the woman at Bodija market never sees these propaganda, she fixes her prices based on what she experiences.

I stand with the women selling food at Bodija market, while you are standing with the propaganda mill that are ineffective to the suffering of the masses.

Lindlady:
A gateman is needed at a private residence in Ibadan. The pay is attractive.

helinues:


When they said it was declining, did you see it also?

Samogloby:
Tinubu govt met fx @35 billion dollars, today Nigeria foreign reserve is 32 billion dollars and some illiterate are jubilating!

helinues:
Good

helinues:


You are the one sounding confusing.

Did you ask this same question of seeing when the FX reserves was declining? If No why asking the question now.

Even weather no dey as confused like that