Nigeria’s foreign exchange (FX) reserves have risen to $41 billion since August 19, reaching their highest level in nearly four years.
Gatekeepers News reports that, according to data from the Central Bank of Nigeria (CBN), reserves last stood at this mark on December 3, 2021.
Analysis shows that the reserves grew steadily by 3.69 percent in August, rising from $39.54 billion on August 1 to $41 billion by mid-month.
The upward trend was consistent, with reserves increasing to $39.99 billion on August 6, $40.64 billion on August 12, and $40.96 billion on August 19.
CBN Governor, Olayemi Cardoso attributed the growth to improved capital inflows, higher crude oil output, rising non-oil exports, and reduced imports.
He noted that the reserves stood at $40.11 billion as of July 18, covering about 9.5 months of imports, and emphasised that the country is experiencing sustained stability in the foreign exchange market.
