Nigeria’s external reserves recorded a growth of $424.68 million between August 30 and September 10, highlighting an improved financial outlook for the country.
Data sourced from a report by the Central Bank of Nigeria shows the rise in the country’s foreign exchange reserves.
The reserves, crucial for stabilising the naira, financing imports, and managing external obligations, rose from $36.305bn on August 30 to $36.730bn by September 10, representing a 1.17% increase over the 11 days.
A further analysis of the report indicated that on September 4, the reserves had returned to their August 30 level, reaching $36.304bn.
The apex bank attributed the growth to the evolution of the foreign exchange market in Nigeria, changing patterns of international trade, institutional changes in the economy, and structural shifts in production.
The decline in the country’s foreign exchange reserves comes amid the recent sale of $876.26m to meet demands from importers and other users through the Retail Dutch Auction System.
Additionally, Nigeria’s first-ever foreign-currency domestic bond has secured $900m in subscriptions.
