Nigeria’s external reserves gained $559.972m in 12 days- CBN

Nigeria’s external reserves gained $559.972m in 12 days- CBN

Nike Popoola

Nigeria’s external reserves gained $559.972m in 12 days.

Figure obtained by Dailyeconomy from the Central Bank of Nigeria’s data on movement of external reserves revealed.

According to the data, the reserves rose from $36.305bn as of the end of Augment 30 to $36.865bn as of September 12, 2024.

The banking sector regulator has continued to intervene in the market to boost forex liquidity.

In a recent circular to the Bureau de Change operators, the CBN sold US$20,000.00 to each eligible BDC at the rate of N1,580/$. This was to meet the demand for invisible transactions.

It stated that, “All BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.

“Also, payment confirmation and al necessary documentation for disbursement are to be submitted at the appropriate CBN Branches.”