The Central Bank of Nigeria (CBN) reported that the country’s external reserves rose to $40.2 billion as of October 18, 2024. This announcement was made by Mr. Muhammed Abdullahi, the CBN’s Deputy Governor of Economic Policy, during a briefing with foreign investors at the IMF and World Bank Annual Meetings in Washington, DC.
Mr. Abdullahi highlighted that this reserve level could sustain 14.5 months of combined goods and services imports or 18 months of goods-only imports. He also noted that foreign exchange inflows into Nigeria reached $57 billion by August 2024, with capital importation nearly doubling to $6.9 billion compared to $3.9 billion in 2023.
Efforts to boost diaspora remittances have led to monthly remittances reaching $650 million, with a record total of $3.5 billion so far this year, surpassing 2023’s annual total of $3.2 billion. The CBN aims to achieve a target of $1 billion in remittances per month.
