The foreign exchange (FX) reserves of Nigeria rose to $48.5 billion on Tuesday, representing the highest in about 13 years.
The present value is the highest level recorded since May 14, 2013, according to data obtained from the Central Bank of Nigeria (CBN), when reserves stood at about $48.51 billion.
But the data showed that the foreign reserves increased steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion reported on January 1 to $48.5 billion.
Additional checks showed that the FX reserves figure was $48.36 billion on Monday.
According to the CBN, FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.
Recall that last year the CBN projected that the nation’s external reserves would rise to $51.04 billion in 2026, saying the increase will be supported by FX reforms.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.
