Nigeria’s foreign exchange (FX) reserves have risen to its highest level since March 28, 2024.
According to the Central Bank of Nigeria (CBN), the reserves have risen to $33.58 billion as of June 19, 2024, a recovery from the decline that began at the end of March 2024, when the reserves stood at $33.83 billion.
The rise in FX reserves follows a period of fluctuations that saw the reserves drop to a low of $32.11 billion on April 19, 2024, raising concerns about the nation’s financial stability.
However, since then, the reserves have been on a gradual and consistent upward trajectory, coinciding with a period of exchange rate stability.
The official exchange rate has averaged N1,481/$1 in June, with a depreciation or appreciation of plus or minus 0.06%. According to the CBN, forex reserves have risen by 5% or $1.47 billion in the last two months, from $32.11 billion on April 19, 2024, to $33.58 billion by June 19, 2024.
