External reserves rise to $36.013bn
Foreign currencies forex
External reserves rise to $36.013bn
Nike Popoola
Nigeria’s external reserves rose to $36.013bn as of the end of July 19, 2024.
Figures obtained by dailyeconomy from the Central Bank of Nigeria (CBN) on movement in reserves revealed on Monday.
The reserves which had continued to record gains despite the CBN’s forex intervention in the market commenced July 1, 2024 at $34.341bn.
Between Thursday and Friday last week, the CBN sold $106.5m to 29 authorized dealers as demand for forex rose.
As part of its efforts to meet the forex needs of the market, the banking regulator had stated in a recent circular that, “The CBN, therefore, wishes to assure the general public that it has commenced a regular sale of foreign exchange through Authorized Dealer Banks and licensed Bureaux De Change (BDCs) to improve supply in the foreign exchange market in line with its price stability mandate and its commitment to ensure a well-functioning and liquid market.”
