Nigeria’s External Reserves Surge to 22-Month High of $37.39 Billion, Reports CBN

Nigeria’s external reserves have reached a remarkable milestone, hitting a 22-month high of $37.39 billion as of September 19, 2024, according to the latest figures from the Central Bank of Nigeria (CBN). This significant uptick marks the highest level since November 4, 2022, when reserves were recorded at $37.36 billion.

In a year-to-date analysis, Nigeria’s external reserves have seen a robust increase of $4.37 billion, rising from $33.02 billion on January 2, 2024. This growth reflects a notable recovery in the nation’s foreign currency reserves.

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In the foreign exchange market, the Naira traded at N1,544.02 in the official market and N1,663 in the parallel market last Friday. The CBN’s Monetary Policy Committee is scheduled to convene on Monday and Tuesday to deliberate on whether to maintain interest rate hikes or to implement a pause.