Nigeria’s rising external reserves is expected to cross $40 billion following the issuance of a $4 billion Eurobond, which has been oversubscribed by investors.
The foreign exchange reserve of Africa’s largest economy has grown by 6.68 percent in the last month to $35.37 billion as of September 20, 2021, from $33.49 billion recorded on August 20, 2021, data from the Central Bank of Nigeria (CBN) show.
The recent accretion in the external reserves was driven by the International Monetary Fund (IMF)’ Special Drawing Rights (SDRs) allocation, which Nigeria received on August 23, 2021.
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