Things are looking good for the Nigeria’s economy as its external reserves, which represent the country’s stock of foreign currency, have reached a 22-month high of $37.39 billion as of September 19, 2024.
Data from the Central Bank of Nigeria (CBN) revealed that as of 19 September, 2024, the reserves hit the highest level since November 4, 2022, when it stood at $37.36 billion.
On a year-to-date basis, the country’s external reserves rose by $4.37 billion from $33.02 billion recorded at the start of the year on January 2, 2024.
The development showed a recovery in Nigeria’s foreign currency position in the period under review.
This comes as the Naira stood at N1544.02 and N1663 per dollar at both official and parallel foreign exchange markets last Friday, 20 September, 2024.
The CBN will during the 297th Monetary Policy Committee on Monday, 23 September, 2024 and Tuesday, 24 September, 2024 decide on whether to continue interest rate hikes or pause.
