Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest in four years.
The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).
According to released data, the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.
The upward trajectory was maintained throughout the month as the reserves rose from $39.54 billion on August 1 to $39.99 billion on August 6.
On August 12, the FX reserves had moved to $40.64 billion, and on Monday, there was an increase of 0.79 percent to $40.96 billion.
Recall that at the end of the monetary policy committee meeting (MPC), on July 22, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso said the country was witnessing “sustained stability in the foreign exchange market”.
Cardoso also said there were increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.
The CBN governor added that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.
