Tinubu inherits $35bn Foreign Reserves from Buhari, lowest in 20 months

Nigeria’s new president Bola Tinubu’s tenure is kicking off with the country’s reserves at its lowest level in 20 months.

According to data from the Central Bank of Nigeria (CBN), as at Thursday, 25 May 2023, Nigeria’s foreign reserves stood at $35.15 billion.

The last time Nigeria’s foreign reserves were at this level was on 13 September 2021, 20 months and one week ago, when the reserves were at $35.10 billion.

Despite the decline, mong the various key economic metrics used to measure the performance of the Buhari administration, foreign reserves was one of those that performed well.