By Our Reporter
The nation’s external reserves have witnessed yet another increase at $37.05 billion currently as of July 18, 2024.
The cheering news was conveyed by the Governor of the Central Bank of Nigeria ,CBN, Yemi Cardoso, during a press briefing at the end of the 296th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
The Apex bank governor emphasized that the external reserves rose from $34.70 billion as of the end of June 2024 to $37.05 billion, which is an increase of $2.35 billion in about 18 days.
The communique read by the CBN governor during the press briefing stated: “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.”
This is even as the foreign exchange (FX) reserves are at the highest level since January 26, 2023, when it was $37.07 billion, meaning that Nigeria’s external reserves currently stand at a 17-month high.
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