Nigeria’s external reserves climbed to $51.04 billion this June, reaching their highest level in roughly 17 years and surpassing levels last seen in January 2009. Data from the Central Bank of Nigeria (CBN) showed reserves rising steadily throughout June, increasing from $49.8 billion at the start of the month and crossing the $50 billion mark by June 5. The growth reflects stronger foreign exchange inflows, improved liquidity conditions, and the impact of ongoing market reforms. Analysts say the larger reserve buffer could strengthen investor confidence, support exchange-rate stability, and improve the country’s ability to meet external obligations. Dr. Muda Yusuf of the Centre for the Promotion of Private Enterprise welcomed the development but stressed the need to diversify reserve sources beyond portfolio inflows, including greater contributions from exports and foreign direct investment.
Nairametrics
