KEY POINTS
- As of October 18, 2014, Nigeria’s external reserve stands at $40.2 billion.
- They can hold 14 months worth of goods and services imports or just 18 months of goods imports.
- Nigerian diaspora has hit $650 million in monthly remittances and was set to top $1 billion.
Nigeria’s external reserve has risen to $40.2 billion, the apex bank said, as of October 18, 2024.
It came during a briefing with foreign investors on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.
The reserves also rose by $0.9bn in less than a week to continue to hover at a robust $40.2bn
According to the CBN, the existing reserve level is adequate to cover 14 months goods and services imports or 18 months goods imports alone.
This is a great milestone for the country when it comes to financial stability and also shows how efforts have yielded success to enhance the country’s foreign exchange reserves.
Remittances from the diaspora are regarded as a stabilizer of the economy
According to the CBN, its initiatives to encourage remittances from Nigerians in the diaspora also succeeded. Remittances are now at some $650 million per month and are targeted at $1 billion per month.
Remittances are expected to rise further and add to Nigeria’s economic resilience according to Vanguard.
