The recent data from the Central Bank of Nigeria revealing a $424.68 million increase in the country’s external reserves between August 30 and September 10 is a positive sign for Nigeria’s financial landscape. This rise, from $36.305 billion to $36.730 billion, signifies a 1.17% growth over the 11-day period. External reserves are vital assets held by a central bank in foreign currencies to support the local currency, facilitate imports, and manage external obligations. Maintaining healthy foreign exchange reserves is crucial for economic stability and effective monetary policy management.
The recent fluctuations in Nigeria’s external reserves showed a temporary decline to $36.244 billion on September 2, marking a minor decrease of $61 million. However, the reserves rebounded, reaching $36.274 billion on September 3, indicating a $30 million increase. Subsequently, on September 4, the reserves recovered to their initial level from August 30, standing at $36.304 billion.
