Nigeria’s foreign exchange (FX) reserves grew by $1.03 billion in one month.
According to data from the Central Bank of Nigeria (CBN), the FX reserve grew from $41 billion on August 19 to $42.03 billion on September 19.
The current figure represents the highest level since September 26, 2019.
TheCable Index analysis showed that the foreign reserves climbed by 2.51 percent in one month.
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Further analysis revealed that the country’s reserve grew consistently from the beginning of the month.
On September 1, the reserves recorded $41.42 billion, with the upward trajectory continuing to $41.57 billion on September 8, $41.84 billion on September 15, and $42.03 billion on September 19.
Between September 1 and September 19, the nation’s reserve surged by $610.7 million.
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The reserves increase signals CBN’s efforts in growing its firepower against shocks in the FX market.
On September 10, Olayemi Cardoso, CBN governor, said the bank is targeting a diaspora reserve of $1 billion by 2026.
Cardoso said the diaspora reserve currently stands at $600 million.
He said the CBN has prepared the framework and done everything required to enable them to meet the target by 2026.
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On May 13, the apex bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians abroad.
