Nigeria’s External Reserves Climb $1.91bn in August to $41.27bn
Nigeria’s external reserves rose by $1.91 billion in August to close the month at $41.27 billion, their highest level since 2021, according to latest figures from the Central Bank of Nigeria (CBN).
The reserves, which opened the month at $39.36 billion, benefited from successive inflows, providing the country with a stronger buffer against global commodity market uncertainties. Analysts note that the steady build-up offers improved support for currency stability and external financing needs at a time of heightened global volatility.
Meanwhile, crude oil prices retreated on Friday amid concerns over slowing U.S. demand and expectations of higher OPEC+ supply in the autumn. Nigeria’s Bonny Light crude slipped 2.53 per cent to $69.44 per barrel.
Brent crude futures for October delivery settled at $68.12 per barrel, down 0.73 per cent, while the November contract fell 0.78 per cent to $67.45. West Texas Intermediate closed at $64.01 per barrel, down 0.91 per cent.
Despite the day’s losses, oil prices still posted a week-on-week gain on improved demand outlook, with investors betting that a U.S. Federal Reserve rate cut could boost consumption.
In the precious metals market, gold extended its rally, gaining 0.8 per cent to $3,443.19 per ounce—it’s highest since mid-July. U.S. gold futures for December delivery rose 1.2 per cent to $3,516.10, capping a 4.7 per cent rise for August and marking bullion’s best monthly performance since April. Softer U.S. inflation data has reinforced expectations of a Fed rate cut next month, lifting safe-haven demand.
On the geopolitical front, investors are closely watching India’s stance on Russian oil purchases. Despite heightened U.S. pressure, including a tariff hike on Indian imports to 50 per cent by former President Donald Trump last week, India is expected to increase Russian crude imports in September, taking advantage of discounted supplies in the absence of new sanctions.
