Nigeria’s external reserves have reached a milestone, surging to $34.07 billion in June.
Gatekeepers News reports that this is the highest level since March 2024, according to the Central Bank’s external reserve position as of June 26, 2024.
The reserves have grown by $1.3 billion since June, following a three-month high of $33.5 billion.
While the drivers of this growth are unclear, the increase comes after a period of fluctuations that saw the reserves drop to $32.11 billion in April.
The Central Bank Governor, Olayemi Cardoso addressed the issue at the IMF Spring meeting, and since then, the reserves have shown a steady upward trajectory, accompanied by exchange rate stability.
