Kehinde Fajobi
Nigeria’s foreign exchange reserves grew by $591.78 million in the month following the government’s $2.2 billion Eurobond auction on December 2, 2024.
Data from the Central Bank of Nigeria (CBN) shows that reserves increased from $40.292 billion on December 2 to $40.884 billion by January 3, 2025, marking a 1.47% month-on-month growth.
The rise reflects the immediate impact of Eurobond proceeds and other foreign exchange inflows.
On December 9, reserves had climbed to $40.376 billion, an $84 million increase within a week.
By December 19, the reserves reached $40.790 billion, showing an additional $265 million boost, likely from oil revenues and strategic CBN interventions.
By the end of December, the reserves peaked at $40.884 billion, demonstrating the government’s efforts to stabilise the country’s foreign exchange position amidst economic challenges.
Year-on-year, the reserves grew significantly. On January 3, 2024, they stood at $33.042 billion, but by January 3, 2025, the figure had surged to $40.884 billion, reflecting an increase of $7.84 billion or 23.74%.