Nigeria’s external reserves have continued to grow, reaching $39.07 billion as of September 19, 2024.
This increase reflects positive trends in foreign exchange inflows and ongoing efforts to stabilize the economy.
This was disclosed by the Governor of the Central Bank of Nigeria, Yemi Cardoso, at a press briefing at the end of the 297th Monetary Policy Committee meeting in Abuja on Tuesday.
The communique released after the MPC briefing read “The external reserve stood at US$39.07 billion as at 19th September 2024 an increase of 17.4 per cent compared with US$33.28 billion in the corresponding period of 2023. This represents 8 months of import cover for goods and services and 13 months of imports of goods only.”
The Monetary Policy Committee recently called on the CBN to prioritize efforts to enhance the country’s external reserves.
To ensure a steady flow of foreign exchange into the country, the apex bank plans to double diaspora remittance inflows this year.
This initiative is part of the CBN’s strategy to enhance foreign currency availability and support the naira.
Recall the CBN had previously reported a 39% increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024, compared to the same period in 2023.
This significant rise highlights the growing importance of remittances in supporting the Nigerian economy.
This is according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. The total inflow for the first quarter of 2024 amounted to $1.07 billion, marking a 39% increase from the $770.23 million recorded in the same period of 2023.
