In 2024, Nigeria’s external reserves saw a 0.39 percent increase, equivalent to $0.13 billion, bolstered by a $2.25 billion inflow from the African Import-Export Bank (Afreximbank).
According to data from the Central Bank of Nigeria (CBN), foreign currency reserves reached $33.042 billion as of January 3, 2024, marking an ascent from the $32.912 billion recorded the previous Friday.
This surge followed Nigeria’s receipt of a portion of the $3.3 billion Afreximbank loan, contributing significantly to the reserves’ augmentation.
Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), had foreseen that the Afreximbank loan would play a pivotal role in stabilizing the forex crisis.
“This Afreximbank fund is going to help stabilise the market further. Once the CBN can clear the backlog substantially, subsequent inflows will now be used to intervene directly in the market after the backlog has been cleared,” he said.
Despite a low dollar supply in the official foreign exchange market on Thursday, reports indicated that the Naira exhibited its first gain against the US currency in 2024.