Nigeria's External Reserves

- Increase in External Reserves: The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that the country's external reserve has increased to $36.89 billion as of July 16, 2024.

- Monetary Policies and Actions: The CBN's monetary policies and actions have stimulated growth and stability in the nation's economy.

- Import Coverage: The nation's external reserves at the end of June can finance over 11 months of imports for goods and services, or 14 months for goods alone.

- International Benchmark: This is significantly higher than the international benchmark of 3.0 months, indicating a strong buffer against external shocks.

- Recent Developments: Nigeria's external reserves have increased yet again, reaching $37.05 billion as of July 18, 2024.

- CBN's Efforts: The CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry, including intervention in three banks, revocation of Heritage Bank's license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

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