THE Central Bank of Nigeria has reported that Nigeria’s external reserves have surpassed $35.05 billion as of July 8, 2024.
Making it the first time it has exceeded this milestone under President Bola Tinubu’s administration.
According to the CBN’s external reserves data, on May 30, 2023, just before the introduction of the foreign exchange (FX) unification policy in June 2023, the reserves stood at $35.09 billion.
Following the FX unification policy announcement, the reserves declined to $34.66 billion.
Throughout the period from July to December 2023, the reserves fluctuated around the $33 billion range.
In 2024, the reserves however hit a low of $32.11 billion on April 19, 2024.
The central bank Governor attributed this decrease in reserves to debt repayments and other financial obligations rather than efforts to support the naira’s value.
Analysis of the CBN’s data revealed a surge in exchange rate in the last few weeks ending the month of June above $34bn for the first time since April
The reserves have continued to grow in July, reaching their highest level in the past year.
According to the CBN data, following the April low of $32.11 billion under Tinubu’s administration, the external reserves have surged by $2.94 billion in less than three months.
The CBN has expressed intentions to double diaspora remittance inflows this year by ensuring a steady influx of foreign exchange into the country.
