Nigeria’s FX reserves hit $35.05b, highest under Tinubu

 

For the first time since President Bola Ahmed Tinubu’s inauguration, Nigeria’s FX reserves hit $35.05 billion, the highest so far according to data from the Central Bank of Nigeria.

 

 

The last time the reserve reached this height was May 30 2023, a day after the president’s inauguration when it was $35.09 billion and before the unification of the naira in June.

 

The foreign reserve has recorded a steady increase in recent weeks, as last week Friday it was $34.66 billion.

 

The rise in the foreign reserves have not impacted on the value of the Naira. The naira on Monday hit three month-low of N1,530 per dollar on the parallel market, also known as the black market, following renewed pressure on demand for the greenback by the end users.