Nigeria Economic Milestone: Nigeria's Forex Reserves Hit $35 Billion Under Tinubu

Nigeria's foreign exchange reserves surpass $35 billion under President Tinubu, marking a significant economic milestone amidst currency challenges. CBN policies and international support bolster growth, potentially stabilizing the naira and boosting investor confidence

In a significant economic development, Nigeria's foreign exchange reserves have exceeded $35 billion for the first time since President Bola Tinubu took office. As of July 8, 2024, the reserves stood at $35.05 billion, according to data from the Central Bank of Nigeria (CBN).

This milestone represents the highest level of reserves since May 30, 2023, just before the implementation of the foreign exchange unification policy in June 2023. The increase is attributed to recent CBN policies and financial support from international institutions such as Afrexim Bank and the World Bank. The growth in reserves comes at a crucial time for Nigeria's economy, which has been grappling with currency volatility and liquidity challenges in the forex market. This boost in reserves could potentially strengthen the naira and improve investor confidence.

The news coincides with other financial developments in Nigeria, including a rise in the exchange rate for customs import duties and an increase in currency circulation outside banks.

The government and CBN are expected to leverage this positive trend to further stabilize the forex market and support economic growth.

Source: Nairametrics