Nigeria witnesses 5% surge in its foreign exchange reserves, reaching $33.58bn

The last two months saw a 5% growth in Nigeria’s foreign exchange reserves, reaching $33.58 billion.

This is in line with the Central Bank of Nigeria’s most recent foreign exchange data as of June 19, 2024.

As a result, the foreign exchange reserves amount shows a gain of $1.47 billion when compared to the $32.11 billion value on April 19, 2024.

The Monetary Policy Committee (MPC) reaffirmed its goal to increase Nigeria’s external reserves during its 295th meeting.

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A portion of the statement says, “The Committee also noted the slight increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves “

Remember that the Nigerian National Petroleum Company Limited arranged a $3.3 billion crude oil-backed prepayment facility, for which the Nigerian government received $925 million from Afrieximbank just two weeks ago?

Naira lost value versus the dollar on Thursday for the second time in a row, even as the nation’s foreign reserves increased.