Nigeria’s external reserves have surged to $37.05 billion as of July 18, 2024, marking another increase, according to Central Bank Governor Yemi Cardoso.
He disclosed this at a press briefing following the 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Cardoso highlighted that the reserves had risen from $34.70 billion at the end of June 2024, representing a $2.35 billion increase in just over 18 days.
The MPC recently emphasised the importance of enhancing external reserves. To bolster foreign exchange inflows, the Central Bank plans to double diaspora remittances this year.
Data from the CBN’s quarterly statistical bulletin for Q1 2024 revealed a 39% rise in inflows through International Money Transfer Operators (IMTOs), amounting to $1.07 billion compared to $770.23 million in Q1 2023. This also reflects an 11% increase from Q4 2023’s $965.82 million.
Recent CBN reforms aimed at increasing dollar inflows via IMTOs have contributed to this growth. Additionally, Afrexim Bank disbursed an additional $925 million as part of a $3.3 billion crude oil-backed loan agreement with NNPC, bringing t
This loan aims to stabilize the forex market amidst significant volatility.
Furthermore, the World Bank approved $2.25 billion in loans to support Nigeria’s economic stability and assist vulnerable populations, providing crucial financial and technical backing for urgent economic stabilization efforts.