Nigeria’s External Reserves Rise to $35.05 Billion
Nigeria’s external reserves have increased once again, reaching $35.05 billion as of July 8, 2024.
This figure, derived from the Central Bank of Nigeria’s (CBN) external reserve data and analyzed by Nairametrics, marks the highest level since May 30, 2023, when reserves stood at $35.09 billion.
Excel Magazine International reports that the recent growth in reserves appears to be driven by the CBN’s foreign exchange (FX) policies and financial commitments from international institutions such as Afrexim Bank and the World Bank through loans.
The last peak in reserves was noted about 14 days before the introduction of the FX unification policy in June 2023, indicating a significant impact of these financial strategies.
