Nigeria’s gross foreign reserves have seen further inflows, adding 28.7 million dollars within 24 hours, closing at 41.10 billion dollars. 

The reserves, currently at a four-year high, could provide up to 10 months cover for imports.

The CBN Governor, Olayemi Cardoso said the reserves, which are currently at four-year high, could provide up to 10 months cover for imports.

According to data from the Central Bank of Nigeria (CBN) reserves movement chart, the gross foreign reserves stood at 41.07 billion dollars on August 21.

The naira has also seen sustained stability, with the inflation rate continuing to decline.

The apex bank has been cultivating multiple foreign exchange sources to increase dollar inflows and boost dollar access to manufacturers and retail end users.

The Federal Government’s policies to boost local production, reduce forex demand pressure, and lessen domestic prices have been instrumental to macroeconomic stability.

The apex bank is expected to sustain the forex reforms while the fiscal authority strengthens efforts at enhancing foreign exchange earnings, especially from gas, oil, and non-oil exports.