Nigeria records highest foreign reserves since 2009

Nigeria’s foreign exchange reserves have climbed to an impressive $51.03 billion, marking their highest level since January 2009. Data from Central Bank of Nigeria reveals that this milestone is the peak of the current year and the highest under the administration of CBN Governor Olayemi Cardoso. The last time the nation’s external reserves hovered around this territory was on January 20, 2009, when they stood at $51.07 billion.

The reserves have maintained a steady upward trajectory throughout the second quarter, expanding by 3.76 percent. This represents a solid $1.85 billion accumulation from the $49.18 billion recorded at the start of April. The momentum originally built up in early March when the reserves first breached the $50 billion threshold, subsequently climbing to $50.11 billion in early June before making the final leap past the $51 billion mark.

Financial analysts attribute this financial boost to a strategic policy shift by the apex bank regarding International Money Transfer Operators. In March, the Central Bank directed all operators to open local currency settlement accounts and route all remittance transactions through them, ensuring recipients receive their diaspora funds in naira. This decisive move effectively ended decades of direct dollar payouts for international transfers, funneling critical foreign exchange directly into national reserves as part of a broader effort to strengthen the country’s remittance framework.

SOURCE: NEWSSCROLL