For the first time since 2022, Nigeria’s foreign reserves have risen to $40.167 billion

Nigeria's foreign reserves climbed to $40.167 billion as of November 11, 2024, marking the first time since 2022 that reserves have reached this level, according to recent data from the Central Bank of Nigeria. This represents a notable increase from $38.3 billion in September. The rise has been attributed to improved policies by the Central Bank, especially initiatives involving International Money Transfer Operators (IMTOs), which have contributed to a surge in Nigeria's diaspora inflows over recent months. In a recent symposium in Abuja, CBN Governor Olayemi Cardoso discussed the impact of these efforts, noting that this reserve level is the highest seen in nearly three years. "These reforms have begun yielding positive results, with significant improvements in the FX market and a stabilization of foreign reserves," Cardoso stated. Despite this, the naira continued to lose ground against the dollar in the FX market, falling further to N1,689.88 per dollar on Tuesday, according to FMDQ data.

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