Posted 1/6/2024, 2:07:27 PM
Nigeria Reserves Rebound as Naira Rallies on $2B Loan Clearance
- Nigeria's foreign reserves increased to $33.04 billion on January 3, 2024 after receiving a $2.25 billion loan from Afreximbank
- The naira reversed losses and gained 15.62% against the dollar on January 4, 2023, trading at N895.23 per dollar
- This was the naira's first gain since 2024
- The gain was attributed to clearing backlogs from the Afreximbank loan
- Nigeria's reserves had dropped $1.65 billion over 6 months as the CBN worked to clear FX backlogs