Nigeria’s foreign reserves have increased to $40.167 billion as of November 11, 2024, marking the highest level since 2022.
This significant rise from $38.3 billion recorded in September is attributed to improved policies by the Central Bank of Nigeria (CBN), particularly those involving International Money Transfer Operators (IMTOs), which have boosted diaspora remittances.
CBN Governor Olayemi Cardoso noted that these reforms are yielding positive results, with notable improvements in the foreign exchange market and stabilization of foreign reserves.
Despite this positive development, the naira continues to face pressure in the forex market, recently falling to ₦1,689.88 per dollar.
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