• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Nigeria’s foreign reserve surpasses $40 billion, hits highest level in 23 months

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s foreign reserve surpasses $40 billion, hits highest level in 23 months

Nigeria’s foreign reserve crossed the $40 billion mark on 18th October 2021, after gaining $566.45 million on Monday to close at $40.39 billion. This is according to data obtained from the Central Bank of Nigeria (CBN).

The nation’s foreign reserve grew by 1.42% on Monday from $39.82 billion recorded in the previous day. The recent gains in the country’s reserve came on the back of the $4 billion Eurobond raised by the federal government from the international debt market.

The federal government intended to raise about $3 billion from the Eurobond issuance, which was oversubscribed and gave the opportunity to raise an additional $1 billion, making it a sum of $4 billion raised. According to the Debt Management Office, the order book peaked at $12.2 billion, dubbing it one of the biggest financial trades recorded in Africa.

Why the uptick?

The recent Eurobond issued by the federal government has served as a major boost for the country’s reserve as it has gained over $4.43 billion since the issuance. However, considering that the amount of increase in the foreign reserve is more than the Eurobond raised, it is clear that other factors must have contributed to the positive rally seen in recent weeks.

The significant uptick could also be attributed to the positive rally recorded at the global crude oil market, gaining over 65% year to date. The price of Brent Crude increased from $50.9 per barrel to trade at $84.08, having hit a record high over $86 per barrel.

Read: Facebook suffer another blow, fined £50 million in UK

RelatedPosts

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

Note that crude oil export accounts for over 85% of Nigeria’s total exports revenue. Hence a positive rally in the global crude oil market means more forex revenue and more firepower for the nation’s reserve, which means that the apex bank has more at its disposal to defend the exchange rate.

Recall also that the Central Bank discontinued the sales of forex to Bureau De Change Operators in the country for the greedy actions of the BDCs in trying to dollarize the economy, according to the governor of the apex bank.

The governor noted during the MPC briefing in July that the BDCs were now contravening the operational model prescribed for them by the apex bank which provided a window for them to make a decent margin from the sales of the US dollar allocated to them by the CBN.

In case you missed it

Nairametrics reported in August, that Nigeria’s foreign reserve could surpass $40 billion by the end of September, following the $3.35 billion direct allocations approved by the International Monetary Fund. According to the report, the direct allocation would boost reserves by c10%, while an additional planned minimum $3 billion Eurobond issuance could boost reserves by c20% to over $40 billion.

Tags: Central Bank of Nigeria (CBN).crude oil exportEurobond issuancehits highest level in 23 monthsIMFNigeria’s foreign reserve surpasses $40 billion
No Result
View All Result

Highlights

Sinner Dominates Tien to Secure China Open Title

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

Government to Establish Cyber Security Fund to Bolster Digital Defences

Headline Inflation Hits Single-Digit With 9.4% Rate in September 2025

Bank of Ghana Prices 1oz Gold Coin at GHS 49,131.99

Ghana Hosts IGAD Delegation on Land Governance Exchange

Trending

Business

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

October 1, 2025

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds Crude oil inventories in the United...

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

October 1, 2025

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

October 1, 2025

Sinner Dominates Tien to Secure China Open Title

October 1, 2025

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

October 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.