Nigeria’s FX Reserves Hit $40.8bn Up By $591.78m One Month After Eurobond Auction

Nigeria’s foreign exchange (FX) reserves have surged to $40.884 billion, representing an increase of $591.78 million in the month following the government’s $2.2 billion Eurobond auction on December 2, 2024.

This is according to the Central Bank of Nigeria’s (CBN) foreign exchange movement data.

The reserves rose from $40.292 billion on December 2 to $40.884 billion on January 3, 2025, reflecting a month-on-month growth of 1.47%.

The data from the Central Bank of Nigeria (CBN) highlights a steady and consistent rise in the reserves over the one-month period. On December 2, the reserves stood at $40.292 billion, a figure that marked the baseline after the Eurobond auction. Over the next few weeks, the reserves grew incrementally, reaching $40.376 billion by December 9, reflecting an $84 million increase. This initial rise signified the immediate impact of the Eurobond proceeds entering the financial system.

The pace of growth accelerated in mid-December, with reserves climbing from $40.525 billion on December 12 to $40.790 billion by December 19. This $265 million increase within just seven days was indicative of intensified foreign exchange inflows, likely driven by oil revenues and strategic CBN interventions.

By the end of December, reserves had reached $40.884 billion, marking the highest point during the period. The stability observed in the last week of December reflects the government’s ability to manage inflows efficiently while addressing key fiscal challenges. As of January 3, 2025, the reserves remained steady at $40.884 billion.