Foreign Reserves

Nigeria’s latest foreign-reserves correction reduces the balance reported under President Bola Tinubu, but leaves it above the peaks attributed to three previous administrations in TheCableIndex’s comparison.

Nigeria’s foreign exchange reserves have climbed to $58.81bn, their highest level in nearly 18 years, strengthening the country’s external position as oil and gas investment, export earnings and corporate performance become increasingly important to sustaining the gains.

According to him, these measures have helped address distortions that had weakened the foundations of the Nigerian economy, stressing that macroeconomic stability was only the beginning of the work, and that the success of the reforms must ultimately be measured by their impact on ordinary citizens.

CBN data showed that reserves stood at $54.0839 billion on Thursday, up from $53.99 billion on September 2 and $53.90 billion on September 1.

The latest position is the highest recorded since January 12, 2009, when the country’s reserves stood at approximately $53.25 billion.

The latest balance represents a 15.6 percent increase from the $45.57 billion recorded on January 2, strengthening Nigeria’s external liquidity position and providing the Central Bank of Nigeria (CBN) with a larger buffer to manage foreign exchange pressures and meet international obligations.

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Nigeria's foreign reserves declined by $114 million within seven days after reaching a recent peak of $52.04 billion, according to the Central Bank of Nigeria. Despite the decline, the country's external reserves remain about $463 million higher than...

Nigeria's external reserves climbed to $51.86 billion, their highest level since 2009, strengthening the country's foreign exchange buffer. Higher oil receipts, stronger export earnings, and renewed foreign investor inflows have combined to drive the steady build-up in reserves. ...

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