As of September 19, 2024, Nigeria’s external reserves, or its stock of foreign money, had risen to $37.39 billion, a 22-month high.

According to data from the Central Bank of Nigeria (CBN), the reserves reached their highest point since November 4, 2022, when they were valued at $37.36 billion, on September 19, 2024.

The nation’s external reserves increased by $4.37 billion so far this year compared to $33.02 billion on January 2, 2024, the year’s beginning.

According to the development, Nigeria’s foreign exchange balance improved over the period under consideration.

This occurs after the Naira last Friday traded at N1544.02 and N1663 per dollar on the official and unofficial foreign currency exchanges.

During the 297th Monetary Policy Committee meeting on Monday and Tuesday, the Central Bank of Nigeria will determine whether to keep raising interest rates or to halt them.