Foreign Reserves Increased by $520m in One Month to $32.6bn

Nume Ekeghe

Nigeria’s foreign reserves have seen a significant increase over the past month, rising by $520 million to reach $32.6 billion, according to the latest figures.

This growth underscores a positive trend in the country’s economic stability and resilience amidst various global economic challenges.

The reserves, which stood at $32.1 billion on April 17, 2024, have steadily climbed to $32.6 billion by May 16, 2024. This marks a substantial monthly increment, reflecting improved foreign exchange earnings.

A breakdown showing its increase indicates that on May 16, 2024, the reserves were pegged at $32,642,208,645, marking an increase of $33.28 million from the previous day. On May 15, 2024, the reserves stood at $32,608,926,445, up by $53.65 million. This followed an increase on May 14, 2024, when reserves reached $32,552,747,727, up by $26.28 million from the day before.

On May 13, 2024, reserves were at $32,528,997,289, up by $23.30 million. A significant rise occurred on May 10, 2024, with reserves hitting $32,471,987,785, an increase of $81.80 million. This upward trend continued on May 9, 2024, with reserves at $32,418,302,844, up by $28.90 million, and on May 8, 2024, when reserves were $32,390,451,717, up by $27.85 million.

By May 7, 2024, reserves had increased to $32,368,629,781, up by $21.82 million from the previous day, and on May 6, 2024, they were at $32,346,884,264, marking an increase of $21.75 million. Earlier in the month, on May 3, 2024, reserves were $32,300,696,083, up by $46.19 million from the previous day.

On May 2, 2024, reserves reached $32,284,889,024, up by $15.81 million from April 30, 2024, when they stood at $32,254,525,124, an increase of $30.36 million. The day before, on April 29, 2024, reserves were $32,232,611,676, up by $21.91 million.

A notable increase was observed on April 26, 2024, when reserves hit $32,152,208,273, up by $80.40 million from the previous day. On April 25, 2024, reserves were $32,131,783,157, up by $20.43 million, and on April 24, 2024, they stood at $32,117,625,276, marking an increase of $14.16 million.

On April 23, 2024, reserves reached $32,112,541,708, up by $5.08 million from the previous day. April 22, 2024 saw reserves at $32,109,259,653, an increase of $3.28 million.

On April 19, 2024, reserves were $32,106,860,593, up by $2.40 million from the previous day, and on April 18, 2024, they stood at $32,109,503,564, down by $2.64 million from April 17, 2024, when they were at $32,120,898,949.