Nigeria’s foreign reserves hit 21-month high at $38.18bn

Nigeria’s foreign reserves had increased by $1.40 billion in the last seven days, according to the Central Bank of Nigeria.

The data for the last seven days (September 30 to October 7) obtained by Ripples Nigeria from the apex bank’s website revealed that the country’s reserves increased by $1.40 billion to $38.18 billion.

This was the highest increase in Nigeria’s foreign reserves in 24 months.

The last time it got to this level was on January 27, 2020.

READ ALSO: Nigeria’s foreign reserves shed $454m in 6 weeks

Further analysis showed that the reserves had been on a consistent rise since August 25, buoyed by a steady rise in oil prices in the international market, the successful Eurobond issuance, and International Monetary Fund (IMF) SDR deposit.

The development will boost the CBN’s efforts at stabilizing the Naira.

Periodically, the apex bank supports naira from the reserves and a higher reserve will help Nigeria currency which closed with N414.30 at the Investors and Exporters window on Friday.

One of the reasons Naira has suffered in the last few weeks was the increasing demand for dollars.

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