Nexim

Nigeria’s foreign reserve rises in September 

a week ago | 204



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ExxonMobil
NIGERIA’S external reserve rose by $2.76 billion in the month of September 2021 to close at $36.78 billion as at the end of the month.
 
According to the Central Bank of Nigeria (CBN) website, the figure is the highest monthly gain recorded in the external reserve position since May 2020, when the reserve gained $3.07 billion in a single month.
The bank said  Nigeria’s foreign reserve rose by 8.13 percent from $34.02 billion recorded in August 2021 to $36.78 billion in September.
 
External outstanding reserve gained a sum of $1.41 billion year-to-date compared to $35.37 billion recorded as of the end of 2020, representing a 4% increase between January and September 2021. 
 
An increased in foreign reserve is a good omen to the economy as it means the apex bank has more firing power at its disposal to intervene in the forex market to reduce the pressure on the country’s exchange rate. 
 
As at November 2020, when Nigeria’s reserve was at $35 billion the CBN governor, Godwin Emefiele had said that the reserve is sufficient to cover seven months of goods and services import. 
 
The increase is in line with recent projections putting Nigeria’s external reserve at $40 billion following the $3.35 billion direct allocations approved by the International Monetary Fund, the prospects of raising funds from the international debt market, and the bullish crude oil prices. - (with report from Businessreport)

- Oct. 12, 2021 @ 09:56 GMT |

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