https://www.channelstv.com/2024/07/11/nigerias-forex-reserves-exceed-35bn-cbn/
CBN and government had finished their manipulations. It is good they know that one dollar can not stay below 1000 naira. It is above $1560 now but the Nigerian foreign reserves have increased, unlike when the naira became the best performing currency that disrupted the Nigerian economy because the CBN was forcing it to be like that with manipulations when it was supposed to be one of the worst performing currency.
Even with this announcement the CBN has made and it's making it look like there is enough dollar or Forex reserve in the system, just take your time and walk into any Nigerian commercial Bank and ask them to give you as little as $50, they will tell you they don't have. travellers that needs dollars will have to sort it out from the black market dealers at high rate, some times the difference between the black market and the CBN rate is close to 300N. CBN and government had finished their manipulations. It is good they know that one dollar can not stay below 1000 naira. It is above $1560 now but the Nigerian foreign reserves have increased, unlike when the naira became the best performing currency that disrupted the Nigerian economy because the CBN was forcing it to be like that with manipulations when it was supposed to be one of the worst performing currency.
Every now and then the CBN will just wake up with one gaslighting headline or the other just to make us believe they've been working, when the reality is telling on the faces of Nigerians.
