WATCH THE VIDEO HERE Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days following the successful sale of a domestic dollar bond. The gross FX reserves increased from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024. This is according to the latest data on the reserves from the Central Bank of Nigeria (CBN). This growth reflects the positive impact of domestic dollar bonds on boosting the nation’s reserves. On September 2, 2024, the country’s reserves stood at $36.24 billion. Over the course of the following 10 days, this figure saw steady growth, eventually reaching $36.87 billion by September 12, 2024. The largest single-day increase occurred between September 11 and September 12, 2024, with reserves jumping by $54.4 million, culminating in the final figure of $36.87 billion. Naijaonpoint earlier reported that Nigeria’s FX reserves have dipped by about $505.68 million (1.37%) in August 2024. The dip represents the steepest monthly decline in Nigeria’s forex reserves since April 2024. The bond will be available for trading on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange), providing a significant boost to the liquidity of Nigeria’s financial markets.
Nigeria’s FX reserves rise by $620 million in 10 days after domestic dollar bond sale
