Tag: Foreign Reserves

Nigeria’s foreign reserves hit 7-year high of $46.7bn – CBN

Aminu Imam
Cardoso

Nigeria’s foreign reserves have surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025, the Central Bank of Nigeria, (CBN) announced yesterday. The CBN Governor, Olayemi Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, said the reserves had reached a new high level, the first time the country has attained such a level since 2018. Speaking in Abuja at the 20th Anniversary of the Monetary Policy Department yesterday, Cardoso said the reserves milestone reflected renewed investor confidence, improved oil…

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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…

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Nigeria’s foreign reserves at an all-time low of $3bn – US firm, JP Morgan reveals

Aminu Imam

Nigeria’s net external reserves declined to an all-time low of $3.7 billion as at the end of last year, according to an August 17 report by American multinational financial services firm, JP Morgan. In its new report, JP Morgan stated: “Based on partial information from the audited financial accounts, we estimate that CBN’s net FX reserves were around US$3.7bn at the end of last year, from US$14.0bn at the end-2021”. In arriving at the estimate, JP Morgan made a few assumptions which include: “FX forwards ($6.84bn), securities lending ($5.5bn) and…

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Emefiele explains why foreign reserves dried up

Aminu Imam

…Says forex earnings into it dipped from $3bn to zero  The official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above US$3.0 billion monthly in 2014 to an absolute zero dollars today, governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has revealed. He disclosed this at the 57th annual Bankers Dinner, organised by the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos at the weekend. He noted that the Nigerian foreign exchange market is in the middle of a…

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Nigeria’s foreign reserve gains $5.15bn in 2021, hits $40.52bn

Aminu Imam

The nation’s external reserves have risen by $5.15 billion in 2021, to close at $40.52 billion as of 31st December 2021, representing a 14.5% increase when compared to $35.37 billion recorded as of the end of the previous year. This is according to data obtained from the daily tracker of the Central Bank of Nigeria, (CBN). The gain recorded in the country’s reserve level is majorly attributed to the $4 billion Eurobond, secured by the Federal Government in September, which saw the reserve surpass $41 billion in October 2021. Nigeria…

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Nigeria depletes foreign reserves by $673.13million in two months

Ishaku Yohanna

The country’s foreign reserves fell by $673.13m from $36.57bn on June 1 to $35.89bn on July 28, the latest figures from the Central Bank of Nigeria showed on Thursday. The CBN, in its first-quarter economic report, titled ‘Gross official external reserves,’ said the gross external reserves fell in the first quarter of 2020. It stated that gross external reserves were $33.69bn at the end of March 2020. This indicated a net decrease of 11.6 per cent, compared with the level in the fourth quarter of 2019. The external reserves position…

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