The Central Bank of Nigeria during its monetary policy committee briefing has revealed that the increase recorded in Nigeria’s external reserve was due to inflows from non-oil sources.
According to the apex bank, the external reserve increased by 1.61% ($620 million) to close the month of June 2022 at $39.22 billion from $38.6 billion recorded as of the end of the previous month.
Nigeria’s external reserve had been on a downtrend since the beginning of the year, losing a total of $2.04 billion between January and May 2022, however, the reserve level recorded a rear growth in the month of June.
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The growth in the reserve level is following the policy programmes by the apex banks geared towards improving foreign inflows into the economy through increased export earnings and diaspora remittances.
Recall that the Central Bank announced the launch of the RT200 FX Programme in February 2022, which is geared towards getting $200 billion in FX repatriation exclusively from non-oil exports over the next 3-5 years.
In the same vein, the CBN in March 2021 introduced the “Naira 4 Dollar Scheme” for diaspora remittances, which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1 received as remittance inflow.