Nigeria’s forex reserves gain $404m in 13 days

Nigeria’s foreign exchange reserves rose by $404 million in the last 13 days of March to close the month at $34.82 billion, according to the Central Bank of Nigeria.

Markets Reporters had reported on Mar. 26 that the reserves had ended a falling streak after nearing a one-year low despite a significant rise in global crude oil prices.

The CBN data show that the reserves dropped by $270 million in March from $35.09 billion on Feb. 26.

The reserves, which had been on a downward trajectory in recent months, rose on Mar. 19 for the first time since Jan. 25, 2021, when it hit a high of $36.52 billion.