Nigeriaâs external reserves hit a new high in June, rising to $34.07 billion, the highest since March 2024.
The information is according to data from the Central Bank of Nigeriaâs (CBN) reserve position as of June 6, 2024.
A previous report by TimesNow.com.ng disclosed that the countryâs external reserves surged to a three-month high, rising to $33.5 billion.
Nigeriaâs reserves have continued to rise, hitting $34 billion for the first time since March 21, 2024, when it reached $34.2 billion.Â
The external reserves have surged by a substantial $1.3 billion since June.
The development comes amid a surge in diaspora remittance, which rose to $365 million in five months.
The Central Bank of Nigeria has reported a $172 million increase in direct remittance in one month, reports say.
Data from the CBN shows that remittances hit $138.56 million in January 2024, $39.14 million in February, $104.90 million in March, $193.31 million in April, and $365.44 million in May.
TimesNow.com.ng reported that the data shows a 90% surge from April to May, hitting $365.44 million, and a 163% increase, showing significant growth in foreign currency inflows.
Experts say the development is positive for Nigeriaâs economy amid rising debt profile and challenges of revenue diversification.
The increase shows the apex bankâs efforts to boost foreign currency remittance flows via formal channels.
The CBN announced that it has approved in principle 14 new International Money Transfer Operators to enhance remittances, an earlier report by TimesNow.com.ng says
The move aims to streamline remittance processes, remove challenges, and encourage the bankâs commitment to boosting official channels.
In January this year, the financial institutions’ regulator removed the exchange rate cap earlier imposed by IMTOs to allow for more flexible currency quoting.
The adjustment was devised by revising operational guidelines and raising licensing fees for the operators, which shows CBNâs efforts to enhance the sector’s operational mechanisms and financial requirements.
TimesNow.com.ng reported that the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had expressed pleasure about the relative stability of the Naira in the past months.
The CBN boss disclosed in an interview with Bloomberg TV on Tuesday, June 25, 2024, that the naira volatility would not resurface.
According to Cardoso, the apex bank’s various interventions calmed the Nairaâs volatility while stating that Nigeriaâs Monetary Policy Committee (MPC) would do everything possible to stem inflation.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
