Nigeria’s Forex Reserves Rise by $3 Billion Amid Policy Shift and Increased Inflows

• Foreign reserves climb from $36.2 billion to $39.3 billion in under two months
• High-interest rates and rising oil output attract foreign investments, boosting reserves 

 Lagos, Nigeria – Nigeria’s foreign exchange reserves rose by over $3 billion in less than two months, as inflows increased and the Central Bank of Nigeria (CBN) shifted away from using external earnings to defend the naira. The reserves grew from $36.2 billion on September 2, 2024, to $39.3 billion by October 2, according to CBN data.