External reserves rise by $424.68m in 11 days – Report

• Published On: 14 September 2024 at 11:55

Nigeria's external reserves increased by $424.68 million between August 30 and September 10, rising from $36.305 billion to $36.730 billion.

This 1.17% increase in 11 days indicates a positive trend in the country's financial situation.

After a slight dip to $36.244 billion on September 2, the reserves recovered and reached the August 30 level by September 4.

The most significant increase occurred between September 6 and September 9, when reserves rose by $250 million.

This increase continued, with reserves reaching $36.730 billion by September 10.

The Central Bank of Nigeria attributed the increase to developments in the foreign exchange market, changes in international trade patterns, and structural shifts in the economy.

Nigeria's foreign exchange reserves fell by $342.97 million to $36.53 billion in nine days, according to data from the Central Bank of Nigeria.

The decline in the country's foreign exchange reserves coincides with the recent sale of $876.26 million to meet importer and other user demands via the Retail Dutch Auction System.