Nigeria’s external reserves, which represent the country’s stock of foreign currency, have reached a 22-month high of $37.31 billion, reflecting significant foreign inflows into Africa’s largest economy.

Data from the Central Bank of Nigeria (CBN) reveal that as of September 18, 2024, the reserves hit the highest level since November 4, 2022, when they stood at $37.36 billion. This marks a notable recovery in Nigeria’s foreign currency position.