Nigeria’s External Reserves Rises To $34bn, Highest Since March

Nigeria’s external reserves has surged to $34.07 billion in June.

This was revealed in the latest forex reserves data published by the Central Bank of Nigeria (CBN) on its official website.

The figure marks the highest level since March 2024.

Prime Business Africa reports that the external reserves had last week increased to a three-month high of $33.5 billion.

Since then, it had continued to surge reaching $34 billion for the first time since March 21, when it was $34.2 billion.

The latest surge reflects a substantial $1.3 billion since June 2024.

Forex reserves had experienced series of fluctuations in the last three months. From $34.44 billion on 18th March 2024, it dropped to $33.95 billion on 26th March and continued dropping to a low of $32.10 billion one month later on 18th April, before it started picking up again. The fluctuations had raised concerns about the country’s financial stability.

Despite the uptick in forex reserves, the naira depreciated to N1510.10 per dollar at the official foreign exchange market according to NAFEM data published on FMDQ Securities and Exchange platform on Thursday.