Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days due to the successful sale of a domestic dollar bond.
Gatekeepers News reports that the gross FX reserves increased from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024.
This is obtained from the latest data on reserves from Central Bank of Nigeria (CBN).
The growth shows the positive impact of domestic dollar bonds on boosting the nation’s reserves.
As of September 2, 2024, Nigeria’s reserves stood at $36.24 billion. The figure has since then seen steady growth, reaching $36.87 billion by September 12, 2024.
The surge occurred first between September 2 and September 3, 2024, when the reserves rose from $36.24 billion to $36.27 billion, reflecting a modest increase of approximately $30 million.
The growth continued for the next few days, with the reserves standing at $36.30 billion by September 4 and reaching $36.33 billion on September 5. The incremental gains show a sustained flow of foreign exchange into the country.
As of September 6, 2024, the reserves had risen to $36.39 billion, marking a more significant increase as CBN’s bond strategy gained traction.
The rise between September 6 and September 9, when reserves hit $36.64 billion, reflects a particularly strong phase of accumulation.
The growth of $250 million over a weekend shows robust demand for Nigeria’s dollar bond and increased liquidity entering the financial system.
The FX reserve continued increasing into the second week of September, with it reaching $36.73 billion on September 10, before getting to $36.81 billion on September 11.
The largest single-day increase occurred between September 11 and September 12, 2024, with reserves increasing by $54.4 million, culminating in the final figure of $36.87 billion.
