Nigeria’s FX reserves at $41bn highest in four years

Nigeria’s FX reserves at $41bn highest in four years

Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19, marking the highest level in four years.

According to data from the Central Bank of Nigeria (CBN), this is the highest figure recorded since December 3, 2021.

Analysis showed that it steadily climbed by 3.69 percent, rising from $39.54 billion on August 1 to $41 billion on August 19.

The upward trend was consistent throughout the month, as it increased from $39.54 billion on August 1 to $39.99 billion on August 6.

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On August 12, the FX reserves moved to $40.64 billion, and by Monday, they grew further by 0.79 percent to $40.96 billions

Olayemi Cardoso, governor of the CBN, has consistently emphasized the bank’s efforts to sustain growth in the country’s foreign reserves.

At the July 22 Monetary Policy Committee (MPC) meeting, Cardoso noted that Nigeria was experiencing “sustained stability in the foreign exchange market.”

He attributed the growth to increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.

The CBN governor also disclosed that gross external reserves had risen to $40.11 billion as of July 18, providing about 9.5 months of import cover.

Nigeria’s FX reserves at $41bn highest in four years