Nigeria's External Reserves Reach 6-Year High at $42.03 Billion

Nigeria's external reserves have hit a six-year high of $42.03 billion, the highest level since September 2019. Data from the Central Bank of Nigeria (CBN) shows a significant surge in reserves, with a rise of $1 billion on September 19 alone.

The reserves have been steadily increasing since July, with a notable spike in the first 19 days of September. This growth trend reflects a robust foreign exchange inflow and controlled outflow.

Compared to the end of 2024, the reserves have increased by $8 billion. The recent surge in reserves indicates a positive economic outlook for Nigeria's financial stability and foreign exchange management.