Nigeria’s external reserve hit a new milestone in June, rising to $34.07 billion, the highest level since March 2024.
This is according to the Central Bank of Nigeria’s (CBN) latest FX data on its official website; the figure represents the highest level since March 2024.
Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion.
The external reserves have now swelled by a substantial $1.3 billion since June.
The development comes as CBN Governor Olayemi Cardoso said its reforms attracted a $24 billion inflow in the first quarter of 2024.
Meanwhile, despite the rising FX reserves, the Naira depreciated to N1510.10 per Dollar at the forex market, according to FMDQ data on Thursday.
Persecondnews recalls that Nigeria’s foreign exchange (FX) reserves have increased by five percent in the last two months, amounting to $33.58 billion.
The latest development is the highest level since March 28, marking a significant financial milestone that coincides with the longest period of stable exchange rates seen in over a year.
This is according to the Central Bank of Nigeria’s (CBN) latest FX data as of June 19, 2024.
This occurred as the country recorded a string of financial commitments from the World Bank through new multilateral loans.
The achievement represents a notable recovery since the end of March 2024, when it was as high as $33.83 billion before a period of decline set in.
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