By Abubakar Yunusa
Nigeria’s foreign exchange reserves have surged to $51.03bn, the highest level recorded since January 20, 2009, according to fresh data from the Central Bank of Nigeria.
The latest figure also marks the strongest reserve position since the beginning of the year, under the leadership of the CBN Governor, Olayemi Cardoso.
Official data reviewed on Thursday showed the reserves rose steadily by 3.76 per cent, representing an increase of $1.85bn within the second quarter.
At the start of April, the external reserves stood at $49.18bn, but climbed consistently to $51.03bn as at June 18.
Earlier in March, Nigeria crossed the $50bn mark for the first time in months, hitting $50.01bn before maintaining an upward trajectory through June.
By June 5, the figure had risen to $50.11bn, before breaking above the $51bn threshold weeks later.
Analysts link the improvement to recent policy adjustments affecting International Money Transfer Operators, including the directive to open naira settlement accounts and channel remittances through local currency systems.
The policy shift effectively ended the long-standing practice of dollar payouts to beneficiaries in Nigeria, a move seen as strengthening liquidity inflows into the domestic economy.
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