Nigeria’s external reserves rises to $424.68M

Nigeria’s external reserves saw a significant increase of $424.68 million between August 30 and September 10, indicating a positive shift in the country’s financial outlook.

According to a Central Bank of Nigeria (CBN) report, the reserves grew from $36.305 billion on August 30 to $36.730 billion by September 10, a 1.17% rise. These reserves are crucial for maintaining naira stability, financing imports, and fulfilling external obligations.

However, a brief dip occurred on September 2, when reserves fell to $36.244 billion, before rebounding on September 3 and continuing to rise. The most notable increase came between September 6 and 9, with a $250 million surge, followed by an additional $88 million gain by September 10.

The CBN attributed the rise in reserves to factors such as shifts in Nigeria’s foreign exchange market, economic reforms, and structural changes in production.

Notably, a recent decline of $342.97 million is linked to the CBN’s $876.26 million sales to meet importer and foreign exchange user demands.

Additionally, Nigeria raised $900 million through its first-ever foreign-currency domestic bond, marking a key milestone in its efforts to diversify funding sources and bolster its foreign reserves.