This is according to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, at a press briefing at the end of the 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Cardoso noted that the external reserves rose from $34.70 billion as of the end of June 2024 to $37.05 billion, which is an increase of $2.35 billion in about 18 days.
The communique read by the CBN governor during the press briefing noted: “As of July 18, 2024, external reserves stood at US$37.05 billion, compared with US$34.70 billion as of June 2024. This represents eleven (11) months of import cover for goods and services.”
Nairametrics further observed that the foreign exchange (FX) reserves are at the highest level since January 26, 2023, when it was $37.07 billion. This means that the external reserves are currently at a 17-month high.
However, checks by Nairametrics show that the CBN website puts gross reserves at $35.93 billion as of July 18, 2024, and $36.01 billion as of July 19, 2024, less than what the CBN governor presented.
