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The Central Bank of Nigeria (CBN) has disclosed that the country’s external reserve hit a new milestone in June, rising to $34.07 billion.
This was revealed in the apex bank’s latest FX data
published on its official website.
The latest figure presented by the CBN represents the
highest level the country’s external reserve has reached since March 2024.
According to Nairametrics, the external reserve reached a
three-month high when it rose to $33.5 billion last week.
It has continued to surge since then, topping $34 billion
for the first time since March 21, when it was $34.2 billion.
The external reserves have increased by a substantial $1.3
billion since June 2024.
However, the main drivers of the growth in reserves remain
unclear.
The development comes as the Central Bank of Nigeria
Governor, Olayemi Cardoso claimed its reforms attracted $24 billion inflow in
the first quarter of 2024.
Meanwhile, despite the rising FX reserves, the Naira
depreciated to N1510.10 per Dollar at the forex market according to FMDQ data
on Thursday.
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