Nigeria's Foreign Exchange Reserve Hits Highest

Nigeria’s foreign exchange (FX) reserves have hit its highest level since March 28, 2024.

Checking the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024 from $32.11 billion in April 2024. 

This is such a significant financial milestone and win for the CBN. 

During the 295th Monetary Policy Committee, it was agreed that there was the need to intensify efforts to marginally increase external reserve balance between March and April 2024.

The last time there was a significant achievement like this this year was at the end of March 2024 when it was as high as $33.83 billion.

Just after that increase, a decline started noticeably in April which sparked concerns about the nation’s financial stability.

This data shows that in the last two months the reserves by 5% or $1.47 billion.

Noticeably, so far in June 2024, there has been a gradual upward trend in terms of exchange rate stability. 

The official exchange rate has averaged N1,481/$1 this month of June.

This growth represents a substantial boost for the country’s external reserves, as the apex bank continues to implement policies that attract forex liquidity.

It is quite impressive to see the CBN push towards doubling the diaspora remittance inflow this year so as to ensure a steady flow of foreign exchange into the country.

With the increase in FX reserves, Nigeria has a cushion to pay for imports even if export earnings fall. This is important for essential goods like medicine or machinery and certain food products.

The CBN can use FX reserves to intervene in the foreign exchange market, helping to stabilize the exchange rate of the Naira. This can make it easier for businesses to import and export.

A strong FX reserve position can improve investor confidence in the Nigerian economy, potentially leading to more foreign investment.

#veegil #veegilmedia #newsletter #newsletteralert #nigeria #innovation #management #digitalmarketing #technology #creativity #startups #marketing #socialmedia #socialnetworking #personalbranding #socialentrepreneurship #law #networking #documentary #abuja #portharcourt #marketing #lagos #lekki #owerri #ibadan #ghana #kaduna #enugu #asaba #africa #capetown #nigerianbusinesses #media #publishing #advertising #follow #instagood #unitedkingdom #breakingnews #radio #storyteller #politics #politicsnews #headlinenews #coverstories #DailyTimesNGR #newsstories #viralpost #newsfeed #news #newsmedia #newsroom #newsroundup #newspapers #newstoday #newsanchor #newsarticle #newsapp #newsanalysis #newschannel #newscoverage #newsdaily #newsflash #newshighlights #newsheadlines #newsletteralert #newsoftheday #newspodcast #newsproduction #newsreporter #newsrelease #newstoday #newsupdate #newswriter #newsweek #newsworthy #newswire #newsyoucanuse