Nigeria: Foreign exchange reserves
* indicates monthly or quarterly data series
The most recent value is 39.29 billion U.S. Dollar as of September 2024, an increase compared to the previous value of 35.92 billion U.S. Dollar. Historically, the average for Nigeria from January 1960 to September 2024 is 13.65 billion U.S. Dollar. The minimum of 0.06 billion U.S. Dollar was recorded in March 1968, while the maximum of 62.08 billion U.S. Dollar was reached in September 2008.
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* indicates monthly or quarterly data series
- Measure: billion U.S. Dollar
- Source: Central Bank of Nigeria
| Recent values | Nigeria: Foreign exchange reserves, billion currency units |
|---|---|
| 2024 Sep | 39.29 |
| 2024 Aug | 35.92 |
| 2024 Jul | 36.51 |
| 2024 Jun | 34.76 |
| 2024 May | 32.82 |
| 2024 Apr | 32.78 |
| 2024 Mar | 32.29 |
| 2024 Feb | 33.68 |
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Definition: Foreign exchange reserves consist of foreign currency, deposits denominated in foreign
currency, Monetary Gold, Special Drawing Rights (SDRs) and Reserve position in the
International Monetary Fund (IMF). Foreign exchange reserves are held by monetary authorities
to finance trade imbalances, check the impact of foreign exchange fluctuations and address
other issues under the purview of the central bank.
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 127.38 | 2021 | percent |
| Trade openness | 26.17 | 1960 | percent |
| Financial openness | -0.666 | 2021 | index points |
| Exports, percent of GDP | 9.24 | 1960 | percent |
| Exports, billion dollars | 0.39 | 1960 | billion U.S. dollars |
| Imports, percent of GDP | 16.92 | 1960 | percent |
| Imports, billion dollars | 0.71 | 1960 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 0.52 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 1.87 | 2023 | billion U.S. dollars |
| Portfolio investment inflows, equities | 1,588.28 | 2023 | million dollars (current) |
| Current account, percent of GDP | 0.90 | 2023 | percent |
| Current account, in dollars | 6.02 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -7.68 | 1960 | percent |
| Trade balance, in dollars | -5.16 | 2023 | billion U.S. dollars |
| Reserves | 35.56 | 2022 | billion U.S. dollars |
| Remittances, percent of GDP | 5.65 | 2023 | percent |
| Remittances | 20,500.00 | 2023 | million U.S. dollars |
| Net errors and omissions | -24,844.49 | 2023 | million USD |
| External debt | 21.39 | 2022 | percent |
| Short-term external debt | 18.48 | 2023 | percent |
| Short-term debt to reserves | 60.41 | 2022 | percent |
| Foreign exchange reserves | 39.29 | 9/2024 | billion |