Tag: External Reserves

Nigeria’s External Reserves hit historic peak above $45bn in 6yrs

Aminu Imam
External Reserves peak

Nigeria’s external reserves hit a six-year high, rising above $45 billion mark, in a historical move. Latest data released by the Central Bank of Nigeria, (CBN),  showed that such a peak was last recorded on July 23, 2019, when they stood at $45.04 billion. The external buffers now stand at $45.04 billion, after climbing to $42.03 billion on September 19, 2025. This means the nation has added nearly $5 billion to its reserves within a short period. The rise in the country’s external reserves is not a one-off spike but…

Read More

Nigeria’s External Reserves hit 22-month high, to $37.31bn — CBN

Aminu Imam
CBN HQ

Nigeria’s external reserves have reached a 22-month high of $37.31bn, reflecting significant foreign inflows into the country’s economy. Data from the Central Bank of Nigeria (CBN) revealed that as of September 18, 2024, the reserves hit the highest level since November 4, 2022, when they stood at $37.36bn. This marks a notable recovery in Nigeria’s foreign currency position. On a year-to-date basis, the country’s reserves surged by 12.99 per cent, or $4.29bn, from the $33.02bn recorded at the start of the year on January 2, 2024. Data from the CBN…

Read More

Nigeria’s External Reserves rises to $34.07bn

Aminu Imam
External Reserves

Nigeria’s external reserves reached a record high of $34.07 billion on Wednesday, June 26. This is according to the Central Bank of Nigeria, (CBN)’s latest FX data on its official website. The figure represents the highest level since March 2024. Recall that last week the external reserves reached a three-month high when it rose to $33.5 billion. Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion. The external reserves have increased by a substantial $1.3 billion since…

Read More

Nigeria’s forex reserves hit a 3-month high

Aminu Imam
forex

Nigeria’s foreign exchange (forex) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year. This is as the country recorded a stringent p3 of finartuncial commitments from the World Bank, through new multilateral loans. According to the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024. This achievement represents a notable recovery since the end of…

Read More

Nigeria’s external reserves drop by $21.8m in 6 days, as CBN moves to meet forex demands

Aminu Imam

Nigerian external reserves dropped to $40.49billion following the withdrawal of $21.8million from the reserves by the Central Bank of Nigeria, (CBN), earlier in the week. Data obtained from the CBN website yesterday revealed that country’s foreign reserves dropped from $40.52 billion on December 31, 2021, to $40.49 billion by January 6, 2022. It added that the apex bank withdrew the $21.8million to meet forex demands from manufacturers, importers, travellers, and students studying abroad. Recall that the nation’s external reserves hit a three-year high of $42 billion in October last year.…

Read More

Nigeria’s external reserve falls to lowest in 10 months – CBN

Aminu Imam

The latest data obtained from the Central Bank of Nigeria (CBN) has revealed that Nigeria’s foreign reserve has fallen to its lowest level in 10 months. According to the CBN, as of Monday, 8th March 2021, Nigeria’s foreign exchange reserve stood at $34.74 billion, representing a year-to-date decline of $632.9 million (1.79%) . The last time Nigeria’s reserve position was at this level was 11th May 2020, exactly 10 months ago. The foreign reserve has recorded a steady decline despite the recent bullish run in the global oil market. Brent…

Read More

Nigeria’s external reserves hit $36.23bn on higher crude oil prices

Aminu Imam

Nigeria’s foreign exchange reserves have risen from $34.94 billion last November  to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the Bank, said the increase reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of coronavirus (Covid-19) vaccines by most developed economies. He added that the nation’s economy and its global…

Read More