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Nigeria’s External Reserve Surges To $34.07bn

Posted by Samuel on Fri 28th Jun, 2024 - tori.ng

Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion.

External Reserve

On June 26, 2024, Nigeria’s external reserve reached a record high of $34.07 billion.

This is according to the Central Bank of Nigeria’s latest FX data on its official website.

The figure represents the highest level since March 2024.

Recall that last week the external reserve reached a three-month high when it rose to $33.5 billion.

Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion.

The external reserves have increased by a substantial $1.3 billion since June 2024.

The development comes as the Central Bank of Nigeria Governor, Olayemi Cardoso said its reforms attracted $24 billion inflow in the first quarter of 2024.

Meanwhile, despite the rising FX reserves, the Naira depreciated to N1510.10 per Dollar at the forex market according to FMDQ data on Thursday.



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