Naira to dollar: Nigeria’s external reserves up by $890m to $41bn

This is according to the Central Bank of Nigeria’s external
reserves data on its official website, Wednesday.

This showed that the country’s external reserves increased
by $0.89 billion, that is, $890 million, or 2.19 percent, in the last month.

Recall that the apex bank governor, Olayemi Cardoso, at the
301st Monetary Policy Committee, said the country’s external reserves rose to
$40.11 billion in July.

Cardoso had noted that development is an indication of a
significant boost to Nigeria’s foreign currency buffer.

The $41 billion external reserves feat is the highest the
country has reached since December last year, when it stood at $40.88 billion.

Earlier in July, CardinalStone’s mid-year outlook report had
predicted that Nigeria’s external reserves would surge to $41 billion at the
end of 2025, up from $40.88 billion at the end of last year.

Despite the rise in Nigeria’s external reserves, the Naira had
recorded three consecutive falls in the last three days this week.

As of Wednesday, the naira dropped to N1,536.73 per dollar,
according to the apex bank’s official data.