Nigeria’s External Reserves Hit 22-month High

Nigeria’s external reserves have reached a 22-month high of $37.31 billion, according to data from the Central Bank of Nigeria.

”The external reserves represent the country’s stock of foreign currency and serve as a crucial measure of the country’s ability to meet international financial obligations and stabilize the local currency,” said a CBN spokesperson.

The reserves have grown by 12.99% since the start of the year, and various factors have contributed to this increase.

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“We have seen significant inflows from domestic dollar bonds, remittances from Nigerians abroad, multilateral loans from international organizations, and foreign portfolio investments,” said the spokesperson.

“This growth in reserves is a testament to the effectiveness of our economic policies and the resilience of our economy,” said the Minister of Finance.

However, experts warn that the reserves must be managed prudently to ensure sustainable economic growth.