Olayemi Cardoso, Governor of the Central Bank of Nigeria, has said that the country’s foreign reserve has climbed to $36.89 billion as of July 16, 2024, as a result of policy interventions by the banks.
Cardoso revealed this on Friday in Abuja at a meeting with the Senate Committee on Banking, Insurance, and Other Financial Institutions.
He stated that the CBN’s monetary policies and actions have promoted development and stability in Nigeria’s economy.
Cardoso said that the Naira is seeing good price discovery versus the dollar and other foreign currencies as the gap between the official and black markets narrows.
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.”
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cc: Daily Post Ng
