Nigeria’s foreign exchange (FX) reserves have risen to $33.58 billion as of June 19, 2024.
According to the data published by the Central Bank of Nigeria (CBN), this is the highest level since March 28, 2024.
The CBN data shows that forex reserves rose by 5 per cent or $1.47 billion in the last two months, from $32.11 billion on April 19, 2024, to $33.58 billion by June 19, 2024.
As at the end of March, the foreign exchange reserves rose to $33.83 billion, but started to record a fall shortly after and by mid April, it fell to $32.11 billion.
There has, however, been a gradual recovery, which coincides with a period of exchange rate stability in the official market, which has averaged N1,481/$1 this month and has depreciated or appreciated within a band of plus or minus 0.06 per cent.
The rise in the foreign exchange reserves may also be linked to improved liquidity in forex turnover with the average turnover for June to date at $199 million daily, compared to $168 million in the same period in May. Total forex turnover in June is now $2.1 billion of trading in 11 days of trading.
