Nigeria’s external reserves have surged to a 22-month peak, reaching $37.39 billion as of September 19, 2024, according to data from the Central Bank of Nigeria (CBN). This marks the highest level since November 4, 2022, when reserves stood at $37.36 billion.
Since the beginning of 2024, the reserves have increased by $4.37 billion, rising from $33.02 billion recorded on January 2, 2024.
The recovery in Nigeria’s foreign currency reserves comes as the Naira’s exchange rate settled at N1,544.02 per dollar in the official market and N1,663 per dollar in the parallel market last Friday.
The CBN is set to hold its 297th Monetary Policy Committee meeting on Monday and Tuesday, where key decisions on interest rates will be made, determining whether the current trend of rate hikes will continue or be paused.
