Naira weakens as reserves stable at $3.45bn

As at Friday, 6th January, 2023, Nigeria’s gross external reserves stood at the $37 billion, lower than $40 billion mark since early February 2022, when it printed at $40.01 billion.

Cowry Asset Management analysts said in a note that at the current level, external reserves could cover on the average 8.4 months of merchandise imports on a balance of payments basis and a bit over 6 months when services are included (goods and services).

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