Renewed Hope: Nigeria’s External Reserves Surge to 8-Month High, Reaching $34.11 Billion

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In a remarkable turn of events, Nigeria’s external reserves have soared by $993 million, hitting a peak not seen in eight months, with a total reserve of $34.11 billion. The latest figures, released by the Central Bank of Nigeria (CBN), underscore a substantial upswing in the nation’s financial reserves, surging by nearly a billion dollars within just one month.

According to the most recent data unveiled by the CBN, as of March 7, 2024, Nigeria’s external reserves stood at an impressive $34,110,027,381. This marks a notable increase from the previous month’s total of $33,116,051,881 reported on February 8, 2024.

The data further reveals a consistent stability in the reserves, which have hovered between $32 to $33 billion over the past eight months. However, the latest milestone on March 7 signifies the highest point reached since June 30, 2023, when the reserves peaked at $34,119,447,986.

This surge in external reserves comes on the heels of the Central Bank of Nigeria’s announcement last week, detailing a substantial rise in foreign remittances. February witnessed a staggering influx of $1.3 billion in foreign remittances, representing a significant uptick from the $300 million recorded in the previous month.

The surge in external reserves coupled with the robust increase in foreign remittances signals a positive trajectory for Nigeria’s economic outlook, offering renewed optimism amidst global economic uncertainties. As Nigeria continues to navigate its financial landscape, the surge in reserves reflects resilience and stability in the face of evolving economic dynamics.

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