Nigeria’s External Reserves Rebound to $35.05 Billion Under Tinubu Administration

Nigeria’s external reserves reached $35.05 billion as of July 8, 2024, marking the first time the country has crossed the $35bn ceiling under President Bola Tinubu.

This is according to a Central Bank statement released this afternoon.

The reserves were $35.09 billion as of May 30, 2023, before the introduction of the foreign exchange unification policy in June 2023. The reserves dropped to $34.66bn after the policy came into force, then declined to $32.11 billion on April 19, 2024, before rebounding to the current level.

The central bank Governor, Yemi Cardoso, clarified that the decline in reserve was due to lower revenues accruals and not because the bank expended government earnings in defending the naira as was erroneously believed.

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