In Two Weeks, External Reserves Gain $280m

 In Two Weeks, External Reserves Gain $280m

Nigeria’s external reserves have risen to a growth path with a gain of $280 million in two weeks.

This is according to the latest figures from the Central Bank of Nigeria.

Figures obtained revealed that the reserves rose to $33.38 billion on July 29 from $33.1 billion on July 14.

Recall that the reserves had suffered some declines in recent months, dropped to $33.09bn as of July 12 from $33.28bn on July 1.

It lost $905.5m in June, after it fell to $33.32bn at the end of June 30 from $34.23bn on May 31.

The reserves stood at $34.88bn at the end of April 30, according to the CBN.

During the last Monetary Policy Committee meeting in Abuja, the CBN Governor, Godwin Emefiele, said members further noted the contribution of poor infrastructure to rising domestic price levels.

He said they reiterated their call to the Federal Government to prioritise investment in public infrastructures such as improved transportation networks, power supply and telecommunication facilities.

According to him, funding for such projects, the committee noted, could be sourced through public-private-partnerships, as well as the issuance of diaspora bonds.

He said the MPC emphasised the complementary role these bonds would play to boost foreign exchange supply, improving accretion to reserves and easing the exchange rate pressure.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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