As of August 19, Nigeria’s foreign exchange (FX) reserves have surged to $41 billion, reaching their peak in four years.
This latest figure represents the highest value observed since December 3, 2021, as per data gathered from the Central Bank of Nigeria (CBN).
Analysis from TheCable Index indicated a consistent increase in foreign reserves, which grew by 3.69 percent from $39.54 billion noted on August 1 to $41 billion on August 19.
This upward trend persisted throughout the month, with reserves escalating from $39.54 billion on August 1 to $39.99 billion on August 6.
On August 12, TheCable Index reported that Nigeria’s FX reserves had climbed to $40.64 billion, and on Monday, there was a 0.79 percent rise to $40.96 billion.
Olayemi Cardoso, the governor of the CBN, has consistently highlighted the bank’s efforts to nurture growth in FX reserves.
- Did Late Ifunanya Nwangene Have Connections With Snakes? ( video)
Controversial Kemi Olunloyo has added a fresh perspective to the ongoing discussions surrounding the demise of singer Ifunanya Nwangene, proposing a potential link between the deceased artist and serpents. - The News of Being a Wife Beater Broke Me – Teddy A
9ja reality Tv personality, widely recognized as Teddy A, has disclosed the profound impact that unfounded gossip about his private affairs has had on him. He referred to an article… Read more: The News of Being a Wife Beater Broke Me – Teddy A - The Epstein Files Controversy: Unanswered Questions, Allegations, and Public Outrage
Explore the controversies surrounding the Epstein Files, including court documents, alleged connections, media scrutiny, and why the case continues to spark global debate.
At the conclusion of the monetary policy committee meeting on July 22, Cardoso remarked that the nation was experiencing “sustained stability in the foreign exchange market.”
He also noted an uptick in capital inflows, enhancements in crude oil output, increasing non-oil exports, and a decrease in imports.
The CBN governor further stated that gross external reserves reached $40.11 billion as of July 18, which can cover imports for approximately 9.5 months.