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Nigeria’s external reserves gain 0.39% following $2.25bn Afreximbank loan

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Nigeria’s external reserves have increased by 0.39 per cent or $0.13 billion, in 2024, following the inflow of $2.25 billion from the African Import-Export Bank, Afreximbank.

Data from the Central Bank of Nigeria, CBN, showed that foreign currency reserves rose to $33.042 billion as of January 3, 2024, compared to $32.912 billion recorded last Friday.

The development came after Nigeria received part of the $3.3 billion Afreximbank loan, which has helped boost reserves.

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Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise, CPPE, had predicted that the Afreximbank loan would help stabilise the forex crisis.

“This Afreximbank fund is going to help stabilise the market further. Once the CBN can clear the backlog substantially, subsequent inflows will now be used to intervene directly in the market after the backlog has been cleared,” he said.

DAILY POST reported that the Naira recorded the first gain against the US currency in 2024, despite Thursday’s low dollar supply in the official foreign exchange market.

 


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