Nigeria’s forex reserves have risen to $34 billion according to the governor of Nigeria’s central bank, Olayemi Cardoso.
He stated this while delivering the communique at the end Monetary Policy Committee (MPC) meeting today and reiterated it while responding to questions from the press.
The apex bank boss explained that Nigeria’s external reserves grew to $34.51 billion as of February 20 from $32.23 billion at the end of January 2024.
According to Cardoso, the improvement in the country’s external reserves was driven by reforms in the foreign exchange market and an increase in oil production.
“Gross external reserves stood at US$34.51 billion on February 20, 2024, compared with US$32.23 billion at end-January 2024.
“The improvement was driven by reforms in the foreign exchange market and an increase in oil production amongst others”, he said.
Recall that the CBN had raised the country’s monetary policy rate by 400 basis points to 22.75 per cent from 18.75 to tackle the country’s rising inflation.
The National Bureau of Statistics said Nigeria’s headline inflation in January 2024 increased to 29.90 per cent.
