Nigeria’s foreign reserves 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.
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.
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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.
By: Babajide Okeowo
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