Naira Devaluation Amidst Crawling Increase in Nigeria’s Foreign Reserves

Nigeria’s foreign reserve increased by 2.94 percent between 31st March and 30th June this year. This was revealed in the latest foreign reserves figures from the Central Bank of Nigeria (CBN). Whereas Nigeria’s gross reserve was valued at $35.16 billion at the end of Q1 2020, it increased to $36.2 billion at the end of Q2 2020. However, there were increases and declines within months and across the quarter. For example, the country’s foreign reserve declined by $373.23 million from $36.57 billion on June 1 to $36.2 billion on June 29.