Nigeria’s foreign exchange reserves up by 5 percent to $33.58bln

Nigeria’s foreign exchange (FX) reserves have increased by five percent in the last two months, amounting to $33.58 billion.

The latest development is the highest level since March 28, marking a significant financial milestone that coincides with the longest period of stable exchange rates seen in over a year.

This is according to the Central Bank of Nigeria’s (CBN) latest FX data as of June 19, 2024.

This is as the country recorded a string of financial commitments from the World Bank through new multilateral loans.

The achievement represents a notable recovery since the end of March 2024, when it was as high as $33.83 billion before a period of decline set in.

The rise in FX reserves comes after three months of noticeable fluctuations, when they plunged to a low of $32.11 billion on April 19, sparking concerns about the nation’s financial stability.

The Monetary Policy Committee (MPC), during its 295th meeting, reiterated its commitment to boosting Nigeria’s external reserves.

The committee, in a statement, said: “The committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the bank to sustain its focus on accretion to reserves.”