CEM Report | Data from the Central Bank of Nigeria has shown that the Nigerian foreign reserve has continued its upward movement showing strong recovery and shooting above June figures.
As at 6th of July 2022, Nigerian foreign reserves stood at UD$39.34 billion having added US$280.554 million within eight days rising from US$39.055 billion, the figure recorded on June 27, 2022.
Reserves have shown recovery though on a mild fluctuation having risen from its 2022 lowest level of US$38.42 recorded on 6th of June 2022 with an addition of US$913,674,728 within a month period.
The country’s reserves hit its year highest of US$41.83 billion in October 2021 having closed 2020 at $40.52 billion but slipped to $39.15 billion as of the end of last month.
The nation’s reserves had collapsed under intense pressure owing to rising imports and dwindling foreign exchange (FX) earnings in recent years as oil output continues to drop below projections and quotas being the central source of revenue to foreign exchange.
However, increased proceeds from oil sale boosted by the current crude oil prices have catalyzed a moderating impact on the rate of depletion of the reserve.
The country’s foreign reserve attained its all-time-high of$64.85 billion on September 8, 2008 before coming down to US$52.78 billion in January of 2009. Since then, the growth and stability attained in this era have not been attained replicated