Nigeria’s foreign exchange reserves increased 5% to $33.58 billion

Nigeria’s foreign exchange reserves increased 5% to $33.58 billion in the past two months. This is the latest forex data from the Central Bank of Nigeria, CBN, as of June 19, 2024.

The foreign exchange reserves figure therefore represents an increase of $1.47 billion from $32.11 billion on April 19, 2024.

The Monetary Policy Committee, MPC, at its 295th meeting, reiterated its commitment to strengthening Nigeria’s external reserves.

“The Committee also noted a slight increase in the external reserve balance from March to April 2024 and called on the Bank to maintain its reserve growth target,” it read in part.

Recall that the Nigerian government received $925 million from Afrieximbank just two weeks ago under a $3.3 billion crude oil-backed advance payment facility arranged by the Nigerian National Petroleum Company Limited.

Meanwhile, despite the country’s increased foreign exchange reserves, the Naira depreciated by N1,485.36 for the second consecutive time against the dollar on Thursday.