Nigeria’s external reserves have risen even more, to $35.05 billion as of July 8, 2024.
This is according to the central bank’s external reserve statistics.
It was reported that the reserves had achieved their greatest level since May 30, 2023, when they were $35.09 billion, approximately 14 days before the implementation of the foreign exchange (FX) unification policy in June 2023. This is the first time it has exceeded the $35 billion mark under Bola Tinubu’s administration.
The rise of the reserves seems to have been supported by the Central Bank of Nigeria’s (CBN) recent foreign exchange policies as well as a number of loan agreements from institutions like Afrexim Bank and the World Bank.
The reserves this year fluctuated noticeably for three months before hitting a low of $32.11 billion on April 19, 2024.
Nigeria’s exchange rate has risen in recent weeks, closing the month of June above $34 billion for the first time since April. The reserves continued to grow in July, reaching successive highs that have already resulted in the greatest reserve in the last one year.
Since the lowest level of $32.11 billion under Tinubu in April, the external reserves have surged by $2.94 billion in less than three months.
