Nigeria’s external reserves have surged to a 17-month high, reaching $37.05 billion as of July 18, 2024, according to Central Bank of Nigeria (CBN) Governor Yemi Cardoso.
Gatekeepers News reports that this marks an increase of $2.35 billion in just 18 days, up from $34.70 billion at the end of June 2024.
At a press briefing following the 296th Monetary Policy Committee meeting in Abuja, Cardoso noted that the reserves now cover 11 months of imports for goods and services.
This is the highest level since January 26, 2023, when reserves stood at $37.07 billion.
“As of July 18, 2024, external reserves stood at US$37.05 billion, compared with US$34.70 billion as of June 2024. This represents eleven (11) months of import cover for goods and services,” he said.
