Nigeria’s external reserves rose by $500 million in one week to the highest point in more than two months, according to the latest data from the Central Bank of Nigeria.
The reserves jumped from $33.43 billion on August 23 to $33.93 billion on Monday, the highest since June 11.
The CBN data showed that the reserves fell to a record low of $33.09 billion on July 12 from $34 billion 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.
However, 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.
At the Investors and Exporters window, the naira strengthened further to 411.08/$1 on Tuesday from 411.63/$1 on Monday, according to FMDQ Group.