According to CBN’s data on external reserves, as of May 30 2023, the reserves were $35.09bn, about 14 days before the introduction of the foreign exchange (FX) unification policy in June 2023. This is the first time it has crossed the $35bn ceiling under the administration of President Bola A. Tinubu.
However, when the CBN announced the FX unification policy, the external reserves dropped to $34.66bn. From July to December 2023, the reserves fluctuated within the $33bn range. This year, the reserves plunged to a low of $32.11bn on April 19, 2024, according to the data.
The central bank Governor attributed the loss in reserves on debt repayments and other financial obligations, not measures to preserve the naira.
Analysing CBN data revealed a jump in exchange rates in the last several weeks, with the month of June ending above $34 billion for the first time since April. In July, the reserves continued to expand, hitting their greatest level in the prior year.
According to CBN data, overseas reserves have increased by $2.94 billion in less than three months from their low of $32.11 billion under Tinubu in April.
With a consistent infusion of foreign currency into the nation, the CBN had stated that it intended to double the amount of remittances received from the diaspora this year.
