Nigeria’s external reserves increased to $40.920 billion as of January 6, 2025, up from $40.292 billion recorded on December 2, 2024.
This is contained in the Central Bank of Nigeria’s external reserves movement data
The data showed an increase of $628 million on a month-on-month basis, following the government’s $2.2 billion Eurobond auction on December 2, 2024.
This growth in Nigeria’s external reserves is indicative of the effectiveness of the country’s strategic measures in stabilizing its foreign exchange position amid mounting external and internal challenges.
Meanwhile, it is worth noting that the proceeds from the Eurobond auction likely served as a vital financial cushion, helping to bolster the nation’s external reserves in the period under review.
Recall that in December last year, Nigeria raised $2.2 billion through its Eurobond auction, marking a pivotal moment in the country’s ongoing efforts to address its growing fiscal deficit.
Recall that the exchange rate dropped to N1,537.03 per dollar on Tuesday, 7 January, 2025 at the official market but remained stable at N1,665 per dollar in the black market.
