Nigeria’s external reserves have reached $41.22 billion, the highest level since March 2021, giving the Central Bank of Nigeria more room to defend the naira — www.naijnaira.com reports.
According to Legit.ng, the reserves climbed from $36.47 billion recorded in August 2024, marking a $4.53 billion year-on-year increase.
Analysts explained that forex inflows strengthened in July, with FMDQ figures showing a 24% rise to $3.8 billion compared to June’s $3.1 billion.
Foreign portfolio investments drove most of these inflows, accounting for nearly half of the market supply.
Offshore investor participation rose to $1.7 billion in July, up from $1.5 billion in June, aided by stable global conditions.
CBN data also confirmed that the naira closed at N1,537.07 per dollar on Wednesday, August 27, after recovering from two sessions of marginal losses.
The parallel market rate stayed at N1,540 per dollar, while GTBank’s international transaction rate held steady at N1,544.
The last time Nigeria’s reserves crossed this level was March 12, 2021, when they stood at $41.08 billion.
Here are the latest exchange rates: Dollar N1,537.07, Pound N2,066.75, Euro N1,781.93, Yuan N214.63, Swiss Franc N1,909.17.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
