External reserves gained $2.6bn in July
Foreign currencies forex
External reserves gained $2.6bn in July
Nike Popoola
Nigeria’s external reserves maintained a growth path, gaining $2.6bn in the month of July.
Figures obtained by Dailyeconomy from the Central Bank of Nigeria on movement of external reserves revealed on Friday.
According to the figures, the reserves, which ended June 28, 2024 at $34.192bn, rose to $36.797bn as of the end of July 31, 2024.
At the last Monetary Policy Committee (MPC) meeting in July, the Governor, CBN, Olayemi Cardoso, noted impact of the improvement in the country’s external reserves.
He said, “The MPC noted the narrowing spread between the various foreign exchange segments of the market, an indication of price discovery and improved market efficiency, thus reducing opportunities for arbitrage and speculation.
“The Committee noted that the increase in the level of external reserves would further build confidence for a more stable exchange rate and thus urged the Bank to explore available avenues to improve inflows, especially through diaspora remittances.
“In addition, Members noted the efforts of the Federal Government and private sector towards improving domestic refining capacity as this is expected to reduce foreign exchange currently being expended on the importation of refined petroleum products.”
