Nigeria’s FX reserves increased to USD 33.6 bln as of June 20, 2024, from USD 32.7 bln on June 3, 2024, driven by higher crude oil prices, improved export earnings, and effective currency management by the central bank. Meanwhile, Nigeria’s inflation rate declined to 2.14% MoM in May from 2.29% in April, and 3.02% in March.