CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

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

3 weeks ago
1 min read

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.


MOST READ

Follow Us

Latest from Business

Nigeria Fines Meta $220m For Data Violations

Nigeria Fines Meta $220m For Data Violations

Meta Faces Significant Penalty Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has announced a $220 million fine against Meta Platforms for violating consumer and data protection laws. The penalty follows a

Don't Miss

CBN: Strengthening Banks And The Financial System

Rise In Crude Oil Exports Will Strengthen The Naira, Says CBN

CBN’s Macroeconomic Outlook The Central Bank of Nigeria