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Nigeria's external reserves have reached a significant milestone, hitting a 22-month high of $37.39 billion as of September 19, 2024. This marks the highest level since November 2022, according to data from the Central Bank of Nigeria (CBN).

The reserves have seen a substantial increase of $4.37 billion since the beginning of the year, when they stood at $33.02 billion on January 2, 2024. This development indicates a notable recovery in Nigeria’s foreign currency position.

"The rise in external reserves is a positive sign for the Nigerian economy, reflecting improved foreign currency inflows," said Ogaga Ariemu, a financial analyst.

As of last Friday, the Naira was valued at N1544.02 and N1663 per dollar in the official and parallel markets, respectively. The fluctuation in the Naira's value continues to be a point of concern for both policymakers and the public.

The Central Bank of Nigeria is set to hold its 297th Monetary Policy Committee (MPC) meeting on Monday and Tuesday. A key agenda item will be deciding whether to continue with interest rate hikes or to pause them. This decision comes in the wake of the US Federal Reserve's recent 0.5% interest rate cut, which could influence global financial markets.

Additionally, the CBN has been in the spotlight for its controversial 0.005% cybersecurity levy on transactions. Financial experts have urged the CBN to reconsider this levy, especially in light of the upcoming MPC meeting.

In summary, Nigeria's external reserves reaching $37.39 billion is a significant achievement, reflecting a recovery in the country's foreign currency position.