Nigeria’s External Reserves Reach $424.68 Million
Nigeria’s external reserves grew by $424.68 million between August 30 and September 10, signaling an improvement in the country’s financial situation.
A report from the Central Bank of Nigeria (CBN) shows that the reserves rose from $36.305 billion on August 30 to $36.730 billion by September 10, which is a 1.17% increase. These reserves are important for keeping the naira stable, paying for imports, and handling other international financial commitments.
Although there was a slight drop on September 2, with reserves falling to $36.244 billion, they quickly bounced back on September 3. The biggest jump happened between September 6 and 9, with a $250 million increase, followed by another $88 million rise by September 10.
The CBN pointed to changes in Nigeria’s foreign exchange market, economic reforms, and adjustments in production as reasons for the rise in reserves.
There was also a recent drop of $342.97 million, which was due to the CBN selling $876.26 million to meet the demands of importers and foreign exchange users.
In addition, Nigeria raised $900 million from its first-ever foreign-currency domestic bond, a key step in diversifying funding sources and strengthening its reserves.
