Nigeria’s external reserves have grown by 3.71 percent, or $1.96 billion, in the last 19 days. According to figures obtained from the Central Bank of Nigeria (CBN) on Sunday, Nigeria’s external reserves climbed from $34.10 billion on September 1 to N35.36 billion on September 19, 2021. The breakdown shows that in the first eight days ended 9th September, external reserves rose by $599.3 million to $34.69 billion. It further increased in the next eight days by $666.8 million for a 19 day gain of $1.96billion. Nigeria will also receive $3.5 billion in Special Drawing Rights (SDRs) approved by the International Monetary Fund (IMF) which would help boost the country’s foreign reserves to more than $37 billion. This increase will would further assist the CBN’s ongoing efforts to protect the Naira against recent depreciation while also satisfying all importer and Nigerians’ demand for FX.
