BREAKING: New Milestone As Nigeria’s External Reserves Surges To $34 Billion For First Time Since March—-Nigeria’s external reserve rose hit a new milestone in June rising to $34.07 billion,the highest level since March 2024.
This is according to the central bank’s external reserve position as of June 26th 2024. Nairametrics reported last week that the external reserve rose a three months high when it rose to $33.5 billion last week.
Reserves have continued to surge since then topping $34 billion for the first time since March 21st when it was $34.2 billion. The external reserves has now swelled by a whopping $1.3 billion since June.
It is however unclear what the main drivers of the growth in reserves are.
What this means
The rise in FX reserves comes after three months of noticeable fluctuations when it plunged to a low of $32.11 billion on April 19, 2024, sparking concerns about the nation’s financial stability.
Recall, in April the central bank Governor had to address the issue at the last IMF Spring meeting.
However, since then, a gradual and consistent upward trajectory has been observed, coinciding with a period of exchange rate stability. The official exchange rate has averaged N1,481/$1 this month and has depreciated or appreciated within a band of plus or minus 0.06%.
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