Grapevine

External reserves grow by $424.68m – Report

The reserves, crucial for stabilising the naira, financing imports, and managing external obligations, rose from $36.305bn on August 30 to $36.730bn by September 10, representing a 1.17 per cent increase over the 11 days.

External reserves are foreign-denominated assets held by a central bank to back liabilities and influence monetary policy.

However, a slight dip to $36.244bn was recorded on September 2, representing a minor decline of $61m. This was followed by a recovery, with the reserves rising to $36.274bn on September 3, reflecting a gain of $30m.

A further analysis of the report indicated that on September 4, the reserves had returned to their August 30 level, reaching $36.304bn.

The positive trend continued on September 5, as the reserves climbed to $36.337bn, representing an increase of $33m. A more substantial gain occurred on September 6, with reserves growing by $55m to $36.392bn.