Nigeria’s external reserves increased to $35.05 billion on July 8, 2024, making it the highest since May 30, 2023.
Our source has reported that data from CBN showed that the foreign reserves rose by $280 million from $34.77 billion on July 5th 2024
Nigeria’s foreign reserves increases in July, reaching the highest so far in 2024.
The foreign reserves rose from $34.34 billion to $34.43 billion, 34.55 billion, and $34.66 billion from July 1st to 4th of July respectively.
This is the first time Nigeria’s external reserves would reach such levels since May 30, 2023 (at $35.09 billion), a day after the present administration took office.
Since Tinubu assumed office, federal government, through CBN, has introduced several policies to improve foreign exchange (FX) market and strengthen the naira.
One of the interventions is CBN’s issuance of a directive to banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.
According to CBN, the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets. CBN has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank.”
“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”
Olayemi Cardosa, who is the CBN Governor on June 25th, said the apex bank is relatively pleased with the progress it has made in stabilising the naira.
Despite the positive movement in foreign reserves, naira weakened at close of Wednesday, trading at N1,561 against dollar in the official window.