Nigeria’s FX reserves rise to $41bn — first time since 2021

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

The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).

TheCable Index analysis showed that the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.

The upward trajectory was maintained throughout the month as the reserves rose from $39.54 billion on August 1 to $39.99 billion on August 6.

On August 12, TheCable Index observed that Nigeria’s FX reserves had moved to $40.64 billion, and on Monday, there was an increase of 0.79 percent to $40.96 billion.

Olayemi Cardoso, governor of the CBN, had always stressed efforts by the bank to sustain growth in the FX reserves.

At the end of the monetary policy committee meeting, on July 22, Cardoso said the country was witnessing “sustained stability in the foreign exchange market”.

Cardoso also said there were increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.

The CBN governor added that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.