Nigeria’s External Reserves Rise to $39.77 Billion Amid Naira Volatility

As of October 30, 2024, Nigeria’s external reserves had increased to $39.77 billion, according to data from the Central Bank of Nigeria (CBN). This represents a rise from $38.35 billion on September 30, 2024.

During a recent address to the National Assembly, CBN Governor Olayemi Cardoso attributed this growth to improved diaspora remittances. “This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks,” Cardoso stated.

Following the 297th meeting of the Monetary Policy Committee (MPC) in September, Cardoso had announced that Nigeria's external reserves had reached $39.07 billion. Despite the growth in reserves, however, the naira remained volatile against the dollar, trading at N1666.72 as of the close of business on November 1, 2024.