₦airaland Forum

Nigeria’s foreign reserves rose to $40.08 billion on November 7, 2024, reaching their highest level in nearly two years, according to data by the Central Bank of Nigeria (CBN).

This milestone marks a significant increase driven by the CBN’s policies to enhance foreign currency inflows through formal channels.

Since September’s end, when reserves stood at $38.3 billion, steady growth has been recorded, reflecting a $1.7 billion increase by early November. This upward trend follows a dip below $34 billion earlier in 2024, a time when foreign exchange pressures and global oil market volatility weighed heavily on reserves.

The CBN’s remittance-targeted reforms and efforts to engage International Money Transfer Operators (IMTOs) and Nigeria’s diaspora have been instrumental in this rebound.

The sustained growth trajectory from $33.7 billion in June to $40.08 billion emphasises the effectiveness of the central bank’s policies underscoring the CBN’s commitment to maintaining naira stability and improving foreign exchange inflows.

During a recent symposium in Abuja, CBN Governor Olayemi Cardoso highlighted the impact of these efforts, noting that the reserve level represents the highest in nearly three years. “These reforms have started yielding positive results, with notable improvements in the FX market and a stabilisation of foreign reserves,” Cardoso stated.

He also reiterated the CBN’s dedication to further engaging Nigeria’s diaspora at the recent IMF and World Bank meetings in Washington, D.C., emphasising the role of diaspora inflows in Nigeria’s remittance recovery.

He said: “Nigeria has such a strong diaspora community here; in the earlier stages of the reforms, IMTOs were having issues transferring money back to Nigeria, and we felt it was important to engage them, and we did. As a result of that engagement, we identified particular problems, of which a lot of responsibility was shared. Things have since improved because as at the last meetings, which was, I think, April, monthly inflows were about $250 million, but as of September, it had risen to $600 million.

“With the recent announcement by Nigeria Interbank Settlement Systems (NIBBS) on Bank Verification Number (BVN), and other products that the banking industry is offering, and through engagement with the diaspora, we believe we will be able to move accordingly and again, rising from that engagement, we put our sights on increasing the inflows to $1 billion monthly and I’m confident that we will get there,” he explained.

dre11:
https://dailytrust.com/nigerias-fx-reserves-hit-40-08bn-first-time-since-2022/

dre11:
https://dailytrust.com/nigerias-fx-reserves-hit-40-08bn-first-time-since-2022/

dre11:
https://dailytrust.com/nigerias-fx-reserves-hit-40-08bn-first-time-since-2022/

dre11:
https://dailytrust.com/nigerias-fx-reserves-hit-40-08bn-first-time-since-2022/

TechCapon:
all these stupid statistics... what's the impact on the people?

toprealman:
Wash! You reserve money but have spent in one year more than what some previous presidents spent all through their regime. Who is deceiving who?

004gist:
Good news

Reserve is necessary to attract foreign investors, stabilise exchange rate and lots more

004gist:
Good news

Reserve is necessary to attract foreign investors, stabilise exchange rate and lots more

World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

By Olalekan Fakoyejo April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to bring down the exchange rate to N200 in his first term.

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years,” Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp