Tag
NIGERIA’S FX RESERVES
Nigeria’s foreign exchange reserves rose to $41.00 billion on August 19, 2025, the highest level in 44 months....
Nigeria’s foreign exchange reserves dropped by $1.31 billion in February 2025, reflecting ongoing external pressures amid a stronger...
Nigeria’s foreign exchange (FX) reserves declined significantly by $1.16 billion in January 2025, wiping out the $592.58 million gain recorded in December 2024.
Nigeria’s foreign exchange (FX) reserves have recorded an increase of $591.78 million in the month following the government’s $2.2 billion Eurobond auction on December 2, 2024.
“I grew Nigeria’s FX reserves from $3.7 billion to $45 billion, saved $25 billion in ECA” — Obasanjo
Former Nigerian President Olusegun Obasanjo has recounted how he boosted the country’s foreign reserves from a meager $3.7 billion to $45 billion during his eight-year tenure.
Nigeria's foreign exchange (FX) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year.
Following several weeks of a downward trend, Nigeria's foreign exchange reserves have witnessed a marginal resurgence of about $262 million over 19 days.
The global credit ratings agency, Fitch, has estimated that approximately 30% of Nigeria’s external reserves are constituted by foreign exchange (FX) bank swaps.
This disclosure underscores ongoing uncertainties regarding the country’s net FX reserves, exacerbated by opaque entries amounting to nearly $32 billion in FX forwards, over-the-counter futures, and currency swaps listed as off-balance sheet commitments in the Central Bank of Nigeria's (CBN) consolidated financial statement for 2022.
A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Bamidele A.G. Amoo, has said that the decline in Nigeria’s foreign exchange (FX) reserves was mainly due to foreign exchange swap transactions.