External reserves gain $1.9bn in six weeks

Nike Popoola

Nigeria’s external reserves rose by $1.9bn in six weeks, figures obtained by Dailyeconomy from the Central Bank of Nigeria (CBN), on movement on external reserves revealed on Saturday.

According to the figures, the reserves rose from $38.35bn as of the end of September 30, 2024, to $40.26bn at the end of November 14, 2024.

Earlier report released by the CBN on second quarterly economic report showed that external reserves rose to US$34.76 billion at the end of June, from US$32.29 billion at the end-March 2024; This level of reserves could cover 7.89 months of import for goods and services or 12.09 months for goods only.

The report said, “A breakdown of the external reserves showed that the shares of the CBN and the Federal Government stood at US$29.75 billion and US$5.02 billion, respectively, while the Federation accounted for the balance.

“A disaggregation of external reserves by currency showed the continued dominance of the: US dollar with US$26.65 billion (76.65%), followed by Special Drawing Rights (US$4.23 billion or 12.16%), Chinese yuan (US$3.25 billion or 9.34%), Euro (US$0.36 billion or 1.05%) and British pounds (US$0.28 billion or 0.80%). Other currencies accounted for the balance.”