Nigeria’s external reserves soared to $34.07 billion on June 26, 2024, marking a significant milestone, according to the Central Bank of Nigeria’s latest foreign exchange data.
This is the highest level since March 2024, reflecting a consistent upward trend from last week’s three-month high of $33.5 billion.
The reserves have grown by $1.3 billion in June alone.
Central Bank Governor Olayemi Cardoso attributed the increase to reforms that attracted a $24 billion inflow in the first quarter of 2024.
However, despite the rising reserves, the Naira depreciated to N1510.10 per Dollar in the forex market, as per FMDQ data on Thursday.
