Nigeria’s Foreign Reserve Rises To $34 Billion

Posted on February 28, 2024

Nigeria’s Foreign reserves have risen to $34 billion according to the governor of Central Bank of Nigeria, Yemi Cardoso.

He stated this while delivering the communique at the end Monetary Policy Committee (MPC) meeting and reiterated it while responding to questions from the press.

According to him, the increase in the gross foreign reserve in February was driven by the elevated crude oil prices, an increase in oil production, and reforms from the apex bank.

He stated, “Gross external reserve stood at $34.51 billion on February 20th, 2024 compared with $32.23 billion at the end of January 2024″.

“The improvement was driven by reforms in the foreign exchange market and an increase in oil production amongst others”

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