Nigeria Forex Reserves Rise in February as NairaFaces Further Depreciation Pressure

Nigeria’s external reserves increased by 2.83% in February 2024 to $34.11 billion following a rise in forex inflows
The Central Bank of Nigeria reported a major upswing in diaspora remittances in February 2024
The naira recently depreciated to N1,627 per dollar in the official market
An Economist Intelligence Unit report predicts the naira will fall to N2,000 per dollar by end of 2024
The Central Bank of Nigeria recently reintroduced weekly forex sales to Bureau de Change operators to support the naira