Despite earlier predictions of a decline, Nigerias FX reserves rose to 35.93 billion as of July 18th, an increase of 160 million from the previous days total of 35.77 billion.
In the last couple of weeks, the countrys foreign exchange reserves have consistently increased , marking a total gain of more than 1.2 billion. As of July 18, 2024, the reserves reached 35.92 billion, up from 34.65 billion on July 4, 2024.
The Central Bank of Nigeria has projected a potential decline in external reserves for 2024, citing debt service and other obligations as contributing factors. This outlook contrasts with the recent positive trend in the increase in reserves.
Noting the promising development, financial analysts have linked the surge in FX reserves to various factors, including improved oil prices, rising diaspora remittances, and increased inflows of foreign investments. Many believe it should help stabilise the exchange rate and improve liquidity in the foreign exchange market.
.
