Nigeria’s FX Reserves Hit $33.58Bn, Highest In 3 Months

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Nigeria’s foreign exchange (FX) reserves have risen to its highest level since March 28, 2024, according to the just published report by the Central Bank of Nigeria (CBN)

According to the apex bank the reserves have risen to $33.58 billion as of June 19, 2024, a recovery from the decline that characterized the FX account accruals since the end of March 2024, when the reserves stood at $33.83 billion.

The rise in FX reserves is attributed to period of fluctuations that saw the reserves drop to a low of $32.11 billion on April 19, 2024, thereby raising concerns about the nation’s financial stability and the potential implications for the gross domestic product (GDP) growth rate.

However, since then the reserves had been increasing gradually due to some level of exchange rate stability associated with the reform measures by the apex bank.

Analysis of the FX markets in recent weeks showed that the Naira official exchange rate had averaged N1,481/$1 in June, with a depreciation or appreciation of plus or minus 0.06%.

The CBN reported that the FX rose by 5% or $1.47 billion in the last two months, from $32.11 billion on April 19, 2024, to $33.58 billion by June 19, 2024.

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