ADVERTISEMENT
TechEconomy
Sunday, May 25, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » External Reserves Hit  $37.31 Billion, Marking a 22-Month High — CBN

External Reserves Hit  $37.31 Billion, Marking a 22-Month High — CBN

Destiny Eseaga by Destiny Eseaga
September 23, 2024
in Finance
0
Central Bank of Nigeria (CBN)
CBN

CBN

RelatedPosts

fake Naira notes in circulation | Bonds

FG to Auction N300 Billion Bonds May 26

May 23, 2025

How Stanbic is Assisting Customs Streamline B’Odogwu adoption

May 23, 2025

Nigeria’s external reserves have reached a 22-month high of $37.31bn, reflecting significant foreign inflows into the country’s economy.

Data from the Central Bank of Nigeria (CBN) revealed that as of September 18, 2024, the reserves hit the highest level since November 4, 2022, when they stood at $37.36bn.

This marks a notable recovery in Nigeria’s foreign currency position.

The external reserves represent the country’s stock of foreign currency. However, they have failed to make a real impact on the falling naira, which was adjudged one of the 10 worst-performing currencies in the world by Bloomberg on September 20. The reserves serve as a crucial measure of the country’s ability to meet international financial obligations and stabilize the local currency.

On a year-to-date basis, the country’s reserves surged by 12.99 per cent, or $4.29bn, from the $33.02bn recorded at the start of the year on January 2, 2024.

Several factors have contributed to the increase in external reserves. Key sources of the inflows include the federal government’s domestic dollar bonds, which attracted foreign investment; remittance inflows from Nigerians abroad; multilateral loans from international organisations; and foreign portfolio investments.

When compared year-on-year, Nigeria’s foreign reserves grew by 12 per cent, adding $4.03bn to the $33.28bn recorded on September 18, 2023.

The federal government raised over $900m from investors through the issuance of $500m, the first series of the $2bn domestic US dollar bond aimed to stabilise the economy.

Nigeria recorded $553m in remittances in one year, between July 2023 and July 2024, according to the CBN.

Other inflows into the country’s economy within the period include $3.3bn AfreximBank oil facility and $2.25bn from the World Bank Group.

The foreign exchange inflows through the economy surged by 57 per cent in one year following consistent policies by the CBN.

Data from the CBN showed that the country recorded $8.86bn in FX inflow in February 2024, higher than $5.66bn in the corresponding period of February 2023.

The CBN’s economic report for February 2024 noted that new investments into the economy increased significantly to $1.24bn, compared with $0.33bn in January 2024.

Foreign direct investment inflow rose to $0.06bn, from $0.03bn in the preceding month. Portfolio investment inflow increased to $0.80bn from $0.12bn, following rising returns on money market instruments and bonds. Similarly, other investment capital, mainly loans, rose to $0.37bn, from $0.18bn in the preceding period.

Loading

Advertisements
MTN ADS

Author

  • Destiny Eseaga

    My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

    View all posts
0Shares
Tags: CBN
Previous Post

OpenAI Launches Academy to Boost AI Development in Emerging Economies

Next Post

NOVA Bank Appoints David Isiavwe, Chinwe Iloghalu as EDs

Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

Related Posts

fake Naira notes in circulation | Bonds
Finance

FG to Auction N300 Billion Bonds May 26

by Latifat Fashina
May 23, 2025
0

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has announced plans to auction N300 billion...

Read more
'Odogwu Platform by Customs

How Stanbic is Assisting Customs Streamline B’Odogwu adoption

May 23, 2025
Nigeria and USD, Nigerian Banking System - Naira

Naira Dips Slightly to N1,585/$1 in Official Market

May 23, 2025
AMCON board

Improve Debt Recoveries, Finance Minister Charges New AMCON Board

May 22, 2025
AMCON board

FG Inaugurates New AMCON Board to Enhance Asset Recovery

May 22, 2025
Lenovo Profit Drops 64%

Lenovo: Profit Drops 64%, Revenue Beats Forecasts

May 22, 2025
Next Post
Nova Bank

NOVA Bank Appoints David Isiavwe, Chinwe Iloghalu as EDs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.