Nigeria’s Foreign Reserve Hits $34.11 Billion, Highest In 8 Months

Nigeria’s foreign reserves have recorded an increase of 2.83%, jumping to $34.11 billion as of March 7, 2024, from $33.17 billion at the beginning of the year.

The figure, which is based on the latest data released by the Central Bank of Nigeria (CBN), is the highest in eight months.

The most recent data from the Central Bank of Nigeria (CBN) shows a significant increase in external reserves, rising by $993 million in just one month and reaching the highest level in eight months.

On March 7, 2024, the external reserves totalled $34,110,027,381, which is higher than the previous month’s amount of $33,116,051,881 reported on February 8, 2024.

The data shows that the reserves have been staying pretty consistent at around $32 to $33 billion for the past eight months. The latest record on March 7 is the highest it’s been since June 30, 2023, when the reserves hit $34,119,447,986.

Naija News understands the increase follows inflows from foreign capital and remittances.

On Wednesday, the Central Bank of Nigeria (CBN) announced a remarkable upswing in Diaspora remittances, soaring by 433 percent to reach $1.3 billion in February, compared to $300 million in January.

Nigeria’s Agricultural Exports Skyrocket To N1.23 Trillion In 2023

Meanwhile, Nigeria’s agricultural sector has seen its exports soar to a remarkable N1.23 trillion in 2023, according to the latest foreign trade reports from the National Bureau of Statistics (NBS).

This figure marks a significant 53% increase from the N583.3 billion recorded in 2022, underscoring the sector’s pivotal role in the country’s economy.

The surge in export value is attributed to the substantial devaluation of the naira in 2023, which, despite presenting challenges domestically, has evidently bolstered the competitiveness of Nigerian agricultural products on the global stage.