Nigeria's external reserves have surged to $35.77 billion as of Thursday, a significant increase from the $33.09 billion recorded at the end of 2023. This data, released by the Central Bank of Nigeria (CBN), highlights a $2.68 billion boost in the country's reserves over the past six months.
According
to the CBN's latest data, Nigeria’s foreign reserves crossed the $35.05 billion
mark on July 8 and continued to rise, reaching $35.77 billion by Thursday.
Economic Outlook and Projections
Despite
this increase, the CBN’s recently released economic outlook, titled ‘Macroeconomic
Outlook: Price Discovery for Economic Stabilization,’ projects a potential
decline in the country’s external reserves in 2024. The CBN attributes this
anticipated decrease to ongoing payments of outstanding foreign exchange
forward obligations, matured foreign exchange swaps, and debt service
commitments.
However,
the CBN also noted that improvements in crude oil earnings, recent reforms in
the foreign exchange market, and the energy sector are expected to mitigate the
projected decline in external reserves.
Diaspora Remittances
The
economic outlook also forecasts a slight increase in diaspora remittances,
projecting a rise to $19.42 billion in 2024 from $19.17 billion in 2023.
Conclusion
While
Nigeria's external reserves have seen a notable increase to $35.77 billion, the
CBN anticipates challenges ahead due to foreign exchange obligations and debt
service. Nonetheless, positive developments in crude oil earnings and sectoral
reforms are expected to provide some cushion against these pressures.
Stay
updated with the latest financial news and insights from the Central Bank of
Nigeria.
For
more information, visit Central
Bank of Nigeria.
Key Highlights:
Nigeria's external reserves rise to $35.77 billion.
- $2.68 billion
increase over six months.
- CBN projects
potential decline in 2024.
- Improved crude
oil earnings and market reforms to cushion impact.
- Diaspora
remittances expected to increase slightly.
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