Nigeria’s Reserves Hit $39.42bn, Highest In 24 Months–CBN

Nigeria’s reserves have risen to 24 months high amidst struggle to defend the naira.

The Central Bank of Nigeria revealed on its website that reserves rose to $39.42bn by October 13, 2021, up from the $39.2bn recorded the previous day.

In the last 30 days, Nigeria’s reserves have grown by $4.3bn, CBN data reveals.

Compared to the levels held at the beginning of the year, the reserves rose by $3.8bn, from $35.6bn on January 4, to $39.4bn on October 13, 2021.

Nigeria’s Central Bank has made efforts to boost the reserves which went lower than $33bn when Covid-19 cut foreign exchange earning in 2020.

Crude Oil accounts for over 90 per cent of the country’s foreign exchange revenue from export.

With the rebound in crude oil prices to $84.77 per barrel as of Friday October 15, experts believe the reserves will receive further boost to meet foreign exchange obligations.