Nigeria’s external reserves have increased to $35.77 billion, up from $33.09 billion at the end of 2023. This information comes from the Central Bank of Nigeria’s (CBN) latest data on the country’s reserve movements.
On July 8, Nigeria’s foreign reserves crossed the $35.05 billion mark and continued to rise, reaching $35.77 billion by Thursday.
However, the CBN’s recent economic outlook report, titled ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation,’ predicts a potential decline in the country’s external reserves in 2024. This anticipated drop is due to ongoing payments of outstanding foreign exchange obligations, matured foreign exchange swaps, and debt service.
Despite this, the CBN expects that improved crude oil earnings and recent reforms in the foreign exchange and energy sectors will help cushion the decline. Additionally, the report projects a slight increase in diaspora remittances, from $19.17 billion in 2023 to $19.42 billion in 2024.
Overall, Nigeria’s external reserves have grown by $2.68 billion over the past six months.
