Nigeria's external reserves have witnessed a significant surge of $424.68 million between August 30 and September 10, indicating a promising shift in the country's financial landscape.

According to a recent report by the Central Bank of Nigeria (CBN), the reserves grew from $36.305 billion on August 30 to $36.730 billion by September 10, representing a 1.17% increase.

These reserves play a crucial role in maintaining naira stability, financing imports, and fulfilling external obligations. 

Although a brief dip occurred on September 2, with reserves falling to $36.244 billion, they rebounded on September 3 and continued to rise. 

The most notable increase came between September 6 and 9, with a $250 million surge, followed by an additional $88 million gain by September 10.

The CBN attributed the rise in reserves to factors such as shifts in Nigeria's foreign exchange market, economic reforms, and structural changes in production. 

However, a recent decline of $342.97 million is linked to the CBN's $876.26 million sales to meet importer and foreign exchange user demands.

In a statement, the CBN said, "The increase in reserves is a result of our efforts to diversify funding sources and bolster our foreign reserves. 

The recent foreign-currency domestic bond issuance, which raised $900 million, marks a key milestone in our journey towards achieving financial stability."