Business

Nigeria’s foreign exchange reserves surge by 5% to $33.58bn

By: Seyi Babalola

Date:

Nigeria’s foreign exchange reserves increased by 5 percent to $33.58 billion in the last two months.

This is according to the Central Bank of Nigeria, CBN’s latest FX data as of June 19, 2024.

Accordingly, the foreign exchange reserves figure represents a $1.47 billion increase compared to $32.11 billion on April 19, 2024.

The Monetary Policy Committee, MPC during its 295th meeting reiterated its commitment to boosting Nigeria’s external reserves.

“The Committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves”, reads in part.

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