Nigeria’s FX Reserves Peak at $33.58 Billion Amid Naira Stability


Nigeria’s foreign exchange (FX) reserves have reached their highest level in three months, standing at $33.58 billion, as the naira has stabilized in recent weeks. According to data from the Central Bank of Nigeria (CBN), the reserves were last this high on March 28, when they hit $33.82 billion. They subsequently fluctuated and dipped to a low of $32.11 billion on April 19, raising concerns about Nigeria’s financial health.

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Over the past two months, however, the reserves have grown by $1.47 billion, reaching $33.58 billion on June 19. This positive trend reflects improving economic conditions and increased stability in the foreign exchange market.

The naira has been trading within the range of N1,480 to N1,490 per dollar at the official exchange rate, averaging N1,481/$1 this month. On the previous day, the naira closed at N1,485.36, slightly depreciating by 0.15% from N1,483.02 quoted on Wednesday, as per official data from the FMDQ Securities Exchange Limited. Meanwhile, on the parallel market, the naira remained steady at N1,490 per dollar.

This period of stability comes as Nigeria secured a $2.25 billion loan from the World Bank to support economic reforms. Additionally, Fitch Ratings has projected that the naira will end the year at 1,450 per dollar. Rand Merchant Bank in Lagos also expects the naira to strengthen in the coming months as pressure from forward central bank foreign exchange contracts eases.

Increased liquidity in the forex market has been noted, with the average turnover for June so far at $199 million daily, compared to $168 million in the same period in May. The total forex turnover in June has reached $2.1 billion in just 11 trading days.

Despite the recent stability, challenges remain for the Nigerian currency. However, the current trends offer a hopeful outlook for further strengthening and stability in the near future.

Bisi Adele, The Naija247news
Bisi Adele, The Naija247news
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