Nigeria’s external reserves saw a significant boost of $424.68 million between August 30 and September 10, indicating a positive shift in the country’s financial outlook.
According to the Central Bank of Nigeria’s report, the reserves rose from $36.305 billion to $36.730 billion, representing a 1.17% increase over the 11-day period.
This growth is crucial for stabilizing the naira, financing imports, and managing external obligations.
Although a minor decline of $61 million was recorded on September 2, the reserves quickly recovered and continued to rise, with the most substantial gain of $250 million occurring between September 6 and September 9.
The Central Bank attributed the growth to factors such as changes in the foreign exchange market, international trade patterns, institutional changes, and structural shifts in production.
Recall that the Nigeria’s external reserves surged to $35.77 billion in July from the $33.09 billion at the end of 2023.
