Nigeria’s foreign exchange reserves climbed by 5% to $33.58 billion in the last two months.
This is based to the Central Bank of Nigeria’s (CBN) most recent foreign exchange data as of June 19, 2024.
As a result, the foreign exchange reserves amount has increased by $1.47 billion since April 19, 2024, when they stood at $32.11 billion.
At its 295th meeting, the Monetary Policy Committee (MPC) reiterated its commitment to increasing Nigeria’s external reserves.
“The Committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves”, reads in part.
Recall that the Nigerian government got $925 million from Afrieximbank merely two weeks earlier as part of the Nigerian National Petroleum Company Limited’s $3.3 billion crude oil-backed prepayment facility.
Meanwhile, despite a boost in the country’s foreign reserves, the naira fell to N1485.36 against the dollar for the second time in a row on Thursday.
