Nigeria’s External Reserves Grow by $2.15bn in 30-Day

Nigeria’s External Reserves Grow by $2.15bn in 30-Day

Nigeria’s gross external reserves balance climbed strongly, up by about $2.15 billion in 30 days on persistent inflows across sources. 

Updated foreign currency movement data from the Central Bank of Nigeria (CBN) showed the gross external reserves balance inched to $39.359 billion as of July 30 from $37.210 billion at the end of June.

The nation’s reserves surged sharply amidst a slowdownin CBN forex market interventions in the month. The increased oil production output and foreign portfolio investors interest in the Nigerian market have supported the growing external reserves.

Analysts are anticipating that additional inflows from across sources, including remittances, will keep the foreign reserves strong and healthy for the CBN to maintain its FX intervention stance. #Nigeria’s External Reserves Grow by $2.15bn in 30-Day#

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