Categories: BusinessLatest

Nigeria’s External Reserves Rise By  $587.8m in Seven Days

Nigeria’s total amount of external reserves has increased by about $587.8 million in one week.
According to the data published on the Central Bank of Nigeria (CBN) platform, the amount left in the nation’s foreign savings accounts increased by 1.6 per cent to $36.4 billion on Tuesday, September 28 from $35.8 billion recorded on Tuesday of the previous week.
The current position of the nation’s external buffers is a speculation-come-true made by the apex bank after the last Monetary Policy Committee (MPC) meeting held over two weeks ago.
The central bank Governor, Mr Godwin Emefiele, earlier said, “The committee noted the significant increase in the external reserves which rose to $35.97 billion at end of August 2021 from $33.49 billion at end of July 2021, representing an increase of 7.4 per cent. It also welcomed the further increase to $36.03 billion on September.”
Mr Emefiele also mentioned that in order to sustain the recovery momentum of the country’s external reserves, there must be foreign exchange market stability, further reduction in inflationary pressure in the economy and continued interventions by the monetary and fiscal authorities.
According to a report from the CBN, the nation’s FX reserves went up by $128.6 million from $35.8 billion recorded on Tuesday, September 21 to about $35.9 billion the following day.
The amount then expanded by $135.2 million to $36.1 billion on Thursday, September 23, and remained flat at $36.1 billion on Friday before jumping to $36.3 billion last Monday and then to $36.4 billion last Tuesday.
Meanwhile, the successful issuance of the recent $4 billion Eurobond by the federal government at the International Capital Market (ICM) is expected to give the nation’s foreign reserves a significant boost to over $40 billion before the end of October.
Hitting such a threshold would be the highest point of the amount in the external reserves since the last five years.
Omotayo Araoye

Follow us on:

AriseNews

Recent Posts

IPOB Denounces Simon Ekpa As A ‘Destructive Agent’, Clarifies He Was Never A Member Of The Group

IPOB distanced itself from Simon Ekpa, calling him a “destructive agent” who infiltrated and destabilised…

46 mins ago

Biden Calls ICC’s Arrest Warrants For Netanyahu, Gallant ‘Outrageous’

Biden has condemned ICC's arrest warrants for Netanyahu and Gallant, calling them "outrageous" amid global…

54 mins ago

Chukwuma Ezeala: Simon Ekpa’s Arrest Won’t Guarantee Peace In Southeast, Government Must Identify His Disciples

Chukwuma Ezeala has said that despite Simon Ekpa’s arrest, identifying his disciples in Southeast Nigeria…

55 mins ago

Federal Government Reinstates Ikechebelu as Acting Vice-Chancellor of UNIZIK

The federal government has reinstated Professor Joseph Ikechebelu as acting Vice-Chancellor of UNIZIK, nullifying Professor…

3 hours ago

Court Of Appeal Nullifies Judgment Blocking Voter Register Release For Rivers LG Polls

Court of Appeal has overturned the Federal High Court ruling barring INEC from releasing voter…

3 hours ago

Kenya Cancels Adani Contracts as US Prosecutors Charge Tycoon with Fraud

Kenya has cancelled airport and energy deals with Adani following US bribery and fraud charges…

3 hours ago