Nigeria: Foreign Reserves Increased By $520m in One Month to $32.6bn

22 May 2024

Nigeria's foreign reserves have seen a significant increase over the past month, rising by $520 million to reach $32.6 billion, according to the latest figures.

This growth underscores a positive trend in the country's economic stability and resilience amidst various global economic challenges.

The reserves, which stood at $32.1 billion on April 17, 2024, have steadily climbed to $32.6 billion by May 16, 2024. This marks a substantial monthly increment, reflecting improved foreign exchange earnings.

A breakdown showing its increase indicates that on May 16, 2024, the reserves were pegged at $32,642,208,645, marking an increase of $33.28 million from the previous day. On May 15, 2024, the reserves stood at $32,608,926,445, up by $53.65 million. This followed an increase on May 14, 2024, when reserves reached $32,552,747,727, up by $26.28 million from the day before.

On May 13, 2024, reserves were at $32,528,997,289, up by $23.30 million. A significant rise occurred on May 10, 2024, with reserves hitting $32,471,987,785, an increase of $81.80 million. This upward trend continued on May 9, 2024, with reserves at $32,418,302,844, up by $28.90 million, and on May 8, 2024, when reserves were $32,390,451,717, up by $27.85 million.

By May 7, 2024, reserves had increased to $32,368,629,781, up by $21.82 million from the previous day, and on May 6, 2024, they were at $32,346,884,264, marking an increase of $21.75 million. Earlier in the month, on May 3, 2024, reserves were $32,300,696,083, up by $46.19 million from the previous day.

On May 2, 2024, reserves reached $32,284,889,024, up by $15.81 million from April 30, 2024, when they stood at $32,254,525,124, an increase of $30.36 million. The day before, on April 29, 2024, reserves were $32,232,611,676, up by $21.91 million.

A notable increase was observed on April 26, 2024, when reserves hit $32,152,208,273, up by $80.40 million from the previous day. On April 25, 2024, reserves were $32,131,783,157, up by $20.43 million, and on April 24, 2024, they stood at $32,117,625,276, marking an increase of $14.16 million.

On April 23, 2024, reserves reached $32,112,541,708, up by $5.08 million from the previous day. April 22, 2024 saw reserves at $32,109,259,653, an increase of $3.28 million.

On April 19, 2024, reserves were $32,106,860,593, up by $2.40 million from the previous day, and on April 18, 2024, they stood at $32,109,503,564, down by $2.64 million from April 17, 2024, when they were at $32,120,898,949.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.