Nigeria’s external reserves records epic milestone, hits $34bn

Forex market.
Forex market.

Nigeria’s external reserves records epic milestone, hits $34bn

Nigeria’s external reserve hits a new milestone in June, rising to $34.07 billion, the highest level since March 2024.

This information comes from the Central Bank’s external reserve position as of June 26, 2024.

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Nairametrics reported last week that the external reserve reached a three-month high when it rose to $33.5 billion.

Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion. The external reserves have now swelled by a substantial $1.3 billion since June.

However, the main drivers of the growth in reserves remain unclear.

The rise in FX reserves comes after three months of noticeable fluctuations when it plunged to a low of $32.11 billion in 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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DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

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