Nigeria’s Foreign Exchange Reserves Hit $40.2bn, Monthly Diaspora Remittances Rise To $600m

The nation’s external reserves have risen to $40.2 billion.

This is according to the Central Bank of Nigeria which made the disclosure at a briefing with foreign investors on Wednesday, on the sidelines of the ongoing annual meetings of the IMF and World Bank in Washington DC.

The bank also disclosed that its efforts to attract more remittances from Diaspora Nigerians were yielding the desired results as the current monthly remittances stand at $650 million.

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The CBN also said it was on its way to achieving its target of $1 billion in remittances monthly.