Dele Alake, the minister of solid minerals development, has revealed that the National Gold Purchase Programme (NGPP) increased Nigerian foreign reserves by $5 million.
The minister disclosed this in a statement via X on Sunday, June 23, 2024.
According to Alake, he recently presented the first batch of the gold bars to President Bola Tinubu.
He noted that the NGPP, which has the president’s full backing, can potentially boost naira’s value in the foreign exchange markets.
The tweet reads:
Nigeria’s foreign reserve is very important in the Central Bank of Nigeria’s (CBN) fight to defend the naira’s value.
According to the latest data from CBN’s website, Nigeria’s foreign reserves stand at $33.64 billion as of Thursday, June 20, 2024.
TimesNow.com.ng previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.
CBN’s director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.
He said the traders should be in offices where customers can come in and change their currencies.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
