Nigeria’s naira recorded its biggest gain in two weeks, appreciating by 0.6% to 1,530 per dollar as of 11:15 a.m. in Lagos on Wednesday, according to Bloomberg-tracked BMAT spot trading. This marks the strongest exchange rate in nearly a month.
The surge follows the Central Bank of Nigeria’s (CBN) announcement that net foreign-exchange reserves have climbed to $23 billion—nearly six times higher than a year earlier. The increase was attributed to efforts to curb liabilities, including swaps and forward obligations, to restore market confidence.
Nigeria’s gross reserves have also been on the rise, reaching $38.33 billion as of March 27, according to Bloomberg data. The CBN stated that it expects reserves to continue growing, driven by improved oil production and stronger export performance.
This is the first time the CBN has disclosed such figures since 2023, when concerns emerged over the country’s external reserves due to significant financial dealings with global banks like JPMorgan Chase & Co. and Goldman Sachs. The naira has lost about 70% of its value since June 2023 following President Bola Tinubu’s market reforms aimed at attracting foreign investment.
