Business

Nigeria’s FX reserves hit $35.05 bln, highest under Pres. Tinubu

"It was noted that the reserves had achieved their greatest level since May 30, 2023, when they were $35.09 billion, approximately 14 days before the implementation of the foreign exchange (FX) unification policy in June 2023"

733

Nigeria’s external reserves continue to soar, as the foreign exchange reserve hit $35.05 billion, the highest in the President Bola Tinubu administration.

This is according to the Central Bank of Nigeria external reserve statistics, which were obtained by Persecondnews.

The reserves reached their highest level since May 30, 2023, when they stood at $35.09 billion, roughly 14 days prior to the implementation of the foreign exchange (FX) unification policy in June 2023.

This is the first time it has exceeded the $35 billion mark under Bola Tinubu’s administration.

The CBN’s recent foreign exchange policies and a number of loan agreements from organizations like Afrexim Bank and the World Bank appear to have supported the rise in reserves.

The reserves this year fluctuated noticeably for three months before hitting a low of $32.11 billion on April 19, 2024.

Nigeria’s exchange rate has risen in recent weeks, closing the month of June above $34 billion for the first time since April.

The reserves continued to grow in July, reaching successive highs that have already resulted in the greatest reserve in the last year.

Leave a comment

Related Articles

Just in: Nigerian Telecom Users to Pay More as NCC Approves 50% Tariff Hike

The Nigerian Communications Commission (NCC) has granted telecom operators’ request to adjust...

Nigeria’s inflation rate rises to 34.80% in December 2024 up from 33.60%

Nigeria’s inflation rate rose to 34.80 percent in December 2024, up from...

Transactions with GHL: FirstBank dispels misleading reports, reaffirms commitment to excellent, standard banking services

First Bank of Nigeria Limited (FirstBank) has distanced itself from a recent...

Nigeria’s Economy Soars as Customs Records N196.94trn Trade Value in 2024

The Nigeria Customs Service (NCS) has achieved a remarkable milestone, recording a...

CBN Slams N1.35bln Fine on Nine Banks for Cash Scarcity

The Central Bank of Nigeria (CBN) has imposed a total fine of...

Tinubu Calls for Boost in Regional Trade to Drive African Growth

President Bola Tinubu has emphasized the importance of Africa focusing on internal...

Nigerian Treasury Bills Auction Shatters Records with 283.42% oversubscription

The Central Bank of Nigeria (CBN) has announced a staggering 283.42 percent...

Naira hits new low, slumps to N1,665/$1 in parallel market despite official market gains

The Nigerian Naira on Monday depreciated to N1,665 per dollar in the...

U.S. dollar strength drives oil prices down amid market pressure

By Samuel Akpan with agency report Global oil prices took a step...

Domestic Crude Oil Sale Initiative: Tinubu’s Strategic Move Pays Off

President Bola Tinubu’s directive to sell crude oil and refined products in...

CBN Sets Daily POS Transaction Cap at N100,000 for Agents

The Central Bank of Nigeria (CBN) has introduced a new policy aimed...

FirstBank’s Decemberissavybe 2024 kicks off with Kenny Blaq’s “Reckless” Musicomedy

December is a joyous season in Nigeria, a time when individuals take...

Nigeria’s Inflation Rate Rises to 34.6% in November

Nigeria’s inflation rate has risen to 34.6% in November, up from 33.8%...

Illicit mint naira sale: CBN slaps N150m fine on erring banks

The Central Bank of Nigeria (CBN) has introduced a strict measure to...

FG Sets December 16 for N120 Billion Bond Sale

The Federal Government, through the Debt Management Office (DMO), has announced plans...

Naira plummets to N1,780 per dollar, reversing recent gains

The Nigerian Naira experienced a sharp value decline on Wednesday, falling from...

Naira Posts Strong Gains Against Euro Amid Forex Market Reforms, European Political Uncertainty

The Nigerian naira has made significant gains against the European currency at...

Netflix debunks exit rumour, reaffirms commitment to Nigeria

Streaming platform Netflix has dismissed rumours suggesting it plans to withdraw from...

Nigeria’s private sector records first job decline in months amid inflationary pressures

Nigeria’s private sector experienced its first decline in employment in seven months,...

Foreign Holdings in Nigeria Drop Amid Naira Crisis, Corporate Cos’ Exits

Nigeria has experienced a sharp decline in foreign direct investment (FDI) inward...