Nigeria’s external reserve increased by 0.09% on Thursday 25, March 2021 to stand at $34.65 billion.
This represents the fifth consecutive day increase, gaining a total of $230 million from $34.42 billion recorded as of March 18, 2021, to $34.65 billion as of 25th March 2021.
Nigeria’s reserve had lost about $1 billion year-to-date before recording increases in the past five days, which indicates that the recent oil price rally is beginning to reflect in the country’s external reserve.
It is important for Nigeria that the increase continues as it will help the Central Bank stabilise the exchange rate against other currencies and meet up with pent-up obligations due to the lockdown embarked on in 2020.
