Nigeria’s foreign reserves surged by $1.91 billion in August, closing the month at $41.27 billion as of August 29, according to figures released by the Central Bank of Nigeria (CBN).
The reserves, which opened the month at $39.36 billion, have now reached their highest level since 2021, buoyed by successive inflows despite uncertainties in the global commodities market. Analysts link the reserves growth to robust capital inflows and CBN’s recent FX strategies aimed at stabilising the naira.
On the commodities front, global oil prices retreated on Friday as concerns about weakening U.S. demand and an expected supply surge from OPEC+ weighed on the market. Nigeria’s Bonny Light crude dipped 2.53% to close at $69.44 per barrel.
Brent crude for October delivery slipped 0.73% to $68.12 per barrel, while the November contract ended at $67.45, down 0.78%. U.S. benchmark West Texas Intermediate (WTI) also fell by 0.91% to $64.01 per barrel.
Meanwhile, gold prices climbed nearly 1%, marking their best monthly gain since April. Spot gold rose 0.8% to $3,443.19 per ounce, while U.S. gold futures settled 1.2% higher at $3,516.1. The bullish sentiment was supported by expectations that the U.S. Federal Reserve could implement an interest rate cut next month following softer inflation data.
Investors are also monitoring geopolitical developments as India continues to expand its imports of discounted Russian crude despite U.S. pressure. Market watchers say India’s resistance to Washington’s demands could further shape global oil dynamics in September.
