Nigeria’s external reserves gain $1.63bn in one month
Foreign currencies forex
Nike Popoola
Nigeria’s external reserves maintained an upward trend, gaining $1.6bn in the last one month.
Figures obtained by Dailyeconomy from the Central Bank of Nigeria (CBN) on movement of external reserves showed that the reserves which was $37. 243bn as of September 17, 2024, rose to $38.877bn as of October 16, 2024.
At the last Monetary Policy Committee meeting, the Governor, CBN, Olayemi Cardoso, said, the external reserves which had experienced growth in the last one year, stood at a level that represents 8 months of import cover for goods and services, and 13 months of imports of goods only.
He noted initiatives to encourage export, and reduce the pressure on the country’s’ external reserves.
The CBN governor said, “ The Committee also expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.
“This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position.”
