How External Reserves gain $574.404m in two months – CBN

Nigeria’s external reserves gained $574.404m in two month, figures obtained by Daily Economy from the Central Bank of Nigeria (CBN) revealed.

Figures obtained from the CBN’s data on movement of foreign reserves on Tuesday, showed that the reserves, which stood at $32.612bn as of the end of April, 12, 2024, rose to $33.160bn as of the end of June, 11, 2024.

At the last Monetary Policy Committee meeting in April, the Governor, CBN, Olayemi Cardoso, said, “Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.

“The Committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves.”