Nigeria’s External Reserves Rise To A Record High Of $41bn – CBN
Nigeria's external reserves have reached a record high of $41 billion, as reported by the Central Bank of Nigeria on August 21. The data released on the official website showed a significant increase of $890 million, marking the highest level since December 2021.
This steady growth in external reserves has been attributed to a boost in Nigeria's foreign currency buffer. Governor Olayemi Cardoso highlighted this development as a positive sign for the country's economic stability.
The current reserve level is slightly higher than the $40 billion recorded in 2024, indicating progress in strengthening Nigeria's economic foundation. The Presidency has praised this milestone, attributing it to President Bola Tinubu's reform efforts and a deliberate strategy to reduce reliance on oil revenue.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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