Nigeria’s external reserves climb to $39.76bn

Nigeria’s external reserves have increased to $39.77 billion as of October 30, 2024.

This is according to the Central Bank of Nigeria’s data on external reserve movement.

The data showed that the country’s reserve grew to $39.77 billion in October from $38.35 billion recorded on September 30, 2024.

The governor of CBN, Olayemi Cardoso, in his appearance at the National Assembly last month, attributed the increase in the country’s external reserves to improved diaspora remittance.

“This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks,” he stated.

Recall that at the end of the 297th Monetary Policy Committee (MPC) meeting in September, Cardoso had announced that Nigeria’s external reserves rose to $39.07 billion.

Meanwhile, despite the country’s external reserves position, the naira had continued to fluctuate against the dollar, which stood at N1666.72 at the close of work on Friday, November 1, 2024.