Nigeria’s foreign exchange (FX) reserves rose to $51.03 billion on Thursday, the highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN).
The figure also represents the highest since the beginning
of the year, under Olayemi Cardoso,
governor of CBN’s administration.
On January 20, 2009, the FX reserves was $51.07 billion.
The data showed that the foreign reserves increased steadily
by 3.76 percent or $1.85 billion, from $49.18 billion reported on April 1, the
start of the second quarter (Q2), to $51.03 billion on June 18.
Prior to this, Nigeria’s external reserves crossed the $50
billion threshold on March 10, when it stood at $50.01 billion, and continued
to rise in subsequent months, reaching $50.11 billion on June 5 before climbing
above $51 billion
The increase followed a review in payment method of the
international money transfer operators (IMTOs) in March.
CBN directed all IMTOs to open naira settlement accounts and
route all remittance transactions through them, resulting in recipients of
diaspora remittances receiving payments in the local currency from May.
The directive ended decades of dollar payments to Nigerians
when relatives abroad send money home.
CBN said the directive is part of ongoing efforts to
strengthen the remittance framework introduced in its revised guidelines for
international money transfer services issued in January 2024.
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