Nigeria’s external reserves increase to $36.89bn – Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s external reserve increased to $36.89 billion as of July 16 2024 amid the banks’ policy interventions.

Cardoso disclosed this on Friday in Abuja during an engagement with the Senate Committee on Banking, Insurance and Other Financial Institutions.

He noted that the CBN’s monetary policies and actions have stimulated growth and stability in Nigeria’s economy.

Cardoso added that the Naira is on a successful price discovery against the dollar and other FX as the gap between the official and Black market shrinks.

He said, “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil-related taxes and third-party receipts. In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance.”

Nigeria’s external reserve stood at $35.9 billion as of Thursday, 18, July 2024, CBN’s data showed.

The development comes as CBN resumed the Naira defense through the supply of FX to authorized dealers amid a demand spike.