Nigeria’s gross external reserves have climbed to 42 billion, marking their highest level since September 2019, according to fresh data from the Central Bank of Nigeria (CBN).
The rise is largely attributed to stronger hydrocarbon export revenues and a steady influx of foreign exchange, following a surge that began in August, when reserves surpassed the 40 billion mark for the first time in nearly four years.
The CBN reported that 692.28 million flowed into the reserves in September alone, further boosting the country’s foreign currency buffer amid ongoing economic reforms.
