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Nigeria’s external reserves rose slightly to $34.49 billion on March 21, 2024. The increment could be attributed to multiple factors including inflow of foreign capital and an increase in global oil prices. Given the crucial role of foreign reserves in fulfilling import obligations and stabilizing exchange rates, the government must prioritize initiatives to bolster reserves and prevent depletion. A stronger Naira against the US Dollar hinges on the country's foreign reserve levels. Additionally, diversifying export earnings beyond crude oil sales, the primary source of foreign earnings, is imperative.
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