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As of October 18, 2024, Nigeria’s external reserve has reached $40.2 billion, according to the Central Bank of Nigeria (CBN). This update was shared during a briefing with foreign investors at the ongoing annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C. on Wednesday.
The current reserve level is reported to be sufficient to cover 14 months of imports for goods and services or 18 months for goods alone.
In addition, the CBN highlighted its successful efforts to increase remittances from Nigerians living abroad, currently estimating monthly remittances at $650 million. The bank is on track to meet its ambitious goal of achieving $1 billion in monthly remittances in the near future.