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Nigeria’s External Reserves Reach 22-Month High
Nigeria’s economy has received a significant boost as its external reserves have reached a 22-month high of $37.39 billion, according to data from the Central Bank of Nigeria (CBN). This achievement marks a significant recovery in the country’s foreign currency position, which has been under pressure in recent times.
As of September 19, 2024, the reserves have exceeded the previous high of $37.36 billion reached on November 4, 2022. When compared to the start of the year, the external reserves have risen by a substantial $4.37 billion from $33.02 billion recorded on January 2, 2024.
The development has come at a time when the Naira, Nigeria’s official currency, stood at N1544.02 and N1663 per dollar at both the official and parallel foreign exchange markets last Friday. The Central Bank of Nigeria (CBN) will gather for its 297th Monetary Policy Committee on Monday and Tuesday to decide on whether to continue interest rate hikes or pause.
Nigeria’s external reserves, which represent the country’s stock of foreign currency, have long been a benchmark for the country’s economic health. The current achievement is a testament to the country’s efforts to manage its foreign exchange and balance its trade. The positive development is expected to boost investor confidence and support Nigeria’s economic growth.
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