Nigeria’s foreign reserves increased to $40.167 billion as of November 11, 2024, for the first time since 2022.

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

The figure is a significant increase from the $38.3 billion recorded in September.

According to the CBN Governor, the country’s foreign reserves are not unconnected with improved policies by the apex bank, especially the International Money Transfer Operators (IMTOs), which led to the rise of Nigeria’s diaspora in the last months.

Recall that in a recent symposium in Abuja, CBN Governor Olayemi Cardoso highlighted the impact of these efforts, noting that the country’s foreign reserve level represents the highest in nearly three years.

“These reforms have started yielding positive results, with notable improvements in the FX market and a stabilisation of foreign reserves,” Cardoso stated.

However, the naira had continued to record losses against the dollar in the foreign exchange market.

On Tuesday, the naira fell further to N1689.88 per dollar, according to FMDQ data.

Nigeria’s foreign reserves rise to $40.167bn