External reserves hit $54.08bn, highest since 2008, as naira gains support
By Aboki Forex —
Nigeria's external reserves have climbed to $54.084bn, the highest level since December 2008, according to Central Bank of Nigeria data.
The reserves reached $54.084bn on September 3, up $1.42bn from $52.66bn on August 19. The build-up gives the country a stronger foreign exchange buffer and supports the naira.
Steady rise since January
Reserves have risen by $8.52bn, or 18.7 per cent, from $45.56bn recorded on January 2. The latest figure is just below the December 2008 level of about $54.21bn.
The Central Bank's data shows a sustained increase in external assets over the past eight months.
Late August acceleration
The pace has picked up since late August. Reserves climbed from $53.11bn on August 24 to $53.30bn on August 26, then to $53.51bn on August 28 and $53.81bn by August 31.
They rose further to $53.90bn on September 1 and $53.99bn on September 2 before crossing the $54bn mark the following day.
What it means for the naira
The stronger reserve position gives the central bank more room to defend the naira. For Nigerian businesses and consumers, a healthier external buffer can help reduce pressure on the foreign exchange market.