Nigeria’s foreign exchange reserves reached a record high of $34.7 billion on Sunday, July 7, 2024, representing a $110 million increase from the previous day’s figure of $34.5 billion.
This growth is attributed to various factors, including the recent surge in oil prices, improved diaspora remittances, and the Central Bank of Nigeria’s efforts to stabilize the currency.
Experts consider this increase in foreign exchange reserves as a positive development for Nigeria’s economy, as it provides a cushion against external shocks and supports the country’s ability to meet its financial obligations.
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Fitch Ratings has recently revised Nigeria’s economic outlook to positive, citing significant reforms that have restored macroeconomic stability and enhanced policy coherence and credibility.
According to Fitch, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies”.
However, Fitch also noted that short-term challenges persist, including high inflation and FX market volatility.
