Nigeria’s external reserves have climbed once more to $37.05 billion as of July 18, 2024.
This disclosure was made by the Governor of the Central Bank of Nigeria, Yemi Cardoso, at a press briefing at the end of the 296th Monetary Policy Committee meeting in Abuja on Tuesday, according to Nairametrics.
According to Cardoso, the foreign reserves increased by $2.35 billion in roughly 18 days, from $34.70 billion at the end of June 2024 to $37.05 billion.
The communique read by the CBN governor during the press briefing noted: “As of July 18, 2024, external reserves stood at US$37.05 billion, compared with US$34.70 billion as of June 2024. This represents eleven (11) months of import cover for goods and services.”
The MPC recently asked the CBN to focus on boosting the external reserves.
The CBN intends to double the inflow of remittances from the diaspora this year in order to guarantee a consistent supply of foreign cash into the nation.
Recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs appeared to have triggered a surge.
