Nigeria’s forex reserves hit one-month high after sinking to $33.08bn

Nigeria’s foreign exchange reserves have pared recent losses, rising to the highest level since June 28, 2021, the latest data from the Central Bank of Nigeria have shown.

The reserves, which plunged to a record low of $33.08 billion on July 12 from a high of $36.52 billion on Jan. 25, rose to $33.38 billion on July 29.

Markets Reporters had exclusively reported early last month that the forex reserves had tumbled to the lowest level in more than three years and eight months, despite the rally in the price of crude oil, the country’s major source of forex earnings.

The forex reserves fell by $14.65 billion in three years from $47.79 billion on July 5, 2018 to $33.14 billion on July 5, 2021, the lowest since Oct. 16, 2017, according to data obtained from the central bank.