Amidst naira devaluation, Nigeria’s foreign reserve surges to $40.167bn
Nigeria’s foreign reserve has surged to $40.167 billion as of November 11, 2024, fresh reserve movement data from the Central Bank of Nigeria (CBN) has shown.
This marks the first time that the FX reserves will be hitting such a height since 2022.
Related news
Financial inclusion: CBN targets 28m unbanked Nigerians
Emefiele flouted procedure in redesigned naira, another Ex-CBN deputy tells court
CBN gov explains why apex bank keeps jerking up interest rate
The figure is a significant increase from the $38.3 billion recorded in September.
This development is coming on the heels of the recent slump by the naira against the American greenback across the various channels this week.
On Monday, November 11, 2024, the naira slumped to N1681.42/$1 representing a N2.55 loss against the dollar when compared to the N1678.87/$1 it traded last Friday, November 8, 2024.
Similarly, the Nigerian currency slumped to N1689.88/$1 on Tuesday from N1681.42 exchanged on Monday, recording N8.42 depreciation.
It would be recalled that the CBN Governor Olayemi Cardoso had hinted that the country’s foreign reserves movement is not unconnected with improved policies by the apex bank, especially the International Money Transfer Operators (IMTOs), which led to the rise of Nigeria’s diaspora remittances in the last months.
Cardoso highlighted the impact of these efforts, noting that the country’s foreign reserve level represents the highest in nearly three years.
“These reforms have started yielding positive results, with notable improvements in the FX market and a stabilisation of foreign reserves,” Cardoso stated.
__________________
We do hope that the information we were able to provide you are helpful. Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.
Please leave any comments or questions in the area given below.
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.
__________________
We do hope that the information we were able to provide you are helpful. Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.
Please leave any comments or questions in the area given below.
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.
