The gross FX reserves have increased by $86.67 million, reaching $38.10 billion.
BUSINESS DAY
Nigeria’s gross FX reserves rose by $86.67 million to $38.10 billion, marking the second consecutive week of growth. The Central Bank of Nigeria (CBN) has been employing various measures to increase dollar inflows, including licensing additional International Money Transfer Operators (IMTOs) and implementing a willing buyer-willing seller FX model. These actions aim to strengthen the naira by ensuring a steady flow of foreign exchange.
The CBN’s efforts to improve diaspora remittances, with the introduction of products like the Non-Resident Nigerian Ordinary and Investment Accounts, have contributed to the reserves growth. The central bank’s initiatives are aimed at ensuring greater access to dollars for manufacturers, retail users, and the broader economy.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), stated, “CBN’s initiatives have supported continued growth in remittance inflows, aiming to double formal remittance receipts within a year.”