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"

Samuel AkpanJuly 10, 20241 Mins read1.3k

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.