Nigeria’s Foreign Reserves Hit 41 Billion Dollars, Highest in 44 Months

Nigeria’s foreign exchange reserves have risen to 41 billion dollars, the highest level in 44 months. Figures published by the Central Bank of Nigeria show the reserves climbed on August 19, the strongest position since December 2021.

The bank said the increase reflects steady external inflows after months of pressure from external debt repayments which had depleted the reserves.

Also Read: CBN Clears All FX Backlog As External Reserves Rise To $34.11bn

Data show the reserves added about 1.46 billion dollars since the start of August, rising from 39.54 billion to 41 billion dollars by the 19th of the month. This represents a growth of nearly 4 percent in less than three weeks.

Despite the sharp rise this month, year-to-date growth has been modest. Nigeria’s reserves opened the year at 40.88 billion dollars, meaning the increase so far amounts to about 124 million dollars.