Nigeria’s external reserves hit $40.2bn amid efforts to boost remittances

As of October 18, 2024, Nigeria’s external reserves have increased to $40.2 billion, according to the Central Bank of Nigeria (CBN).

This development was announced during a briefing with foreign investors amid the ongoing annual meetings of the IMF and World Bank in Washington, DC.

The current reserve level is sufficient to cover 14 months of goods and services imports, or 18 months for goods alone.

The CBN also highlighted its successful initiatives to attract remittances from Nigerians in the diaspora, reporting monthly remittances of $650 million and aiming for a target of $1 billion.

This growth in reserves reflects the CBN’s commitment to enhancing the nation’s economic stability and growth.