FX Reserves Jump: Is Nigeria’s Economy Getting Stronger

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.

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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.