The nation’s external reserve has risen to $40.2 billion as of October 18, 2024.
The Central Bank of Nigeria, on Wednesday, disclosed this at a briefing with foreign investors, on the sides of the ongoing annual meetings of the IMF and World Bank in Washington DC.
The current level of the reserve can accommodate 14 months of goods and services imported or
18 months for only goods import.
The bank also disclosed that its efforts to attract more remittances from Diaspora Nigerians were yielding the desired results as it put current monthly remittances at $650 million.
The bank said it was on its way to achieving its target of $1 billion in remittances monthly.