Nigeria’s External Reserves Surge to $35.77 Billion – CBN

Nigeria’s external reserves rose to $35.77 billion on Thursday, up from $33.09 billion at the end of 2023, according to data from the Central Bank of Nigeria. This increase of $2.68 billion over the past six months reflects a steady rise in the country’s reserves. The reserves crossed the $35.05 billion mark on July 8 and reached $35.77 billion by Thursday.

The Central Bank of Nigeria’s recently released economic outlook, titled ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation,’ had projected a decline in external reserves for 2024. This projection was based on anticipated payments of foreign exchange forward obligations, matured foreign exchange swaps, and debt service.

However, the CBN noted that improvements in crude oil earnings, along with recent reforms in the foreign exchange market and energy sector, could help mitigate the expected decline.

The outlook also forecast a slight increase in diaspora remittances, from $19.17 billion in 2023 to $19.42 billion in 2024.

The report stated, “External reserves, which stood at $33.09 billion in 2023, might see a slight reduction in 2024 due to ongoing payments and debt service obligations.”