Yemisi Izuora
Nigeria has improved on its foreign reserves which now has risen to about $34.14 billion.
The reserves reportedly dipped by over $2 billion in April due to debt servicing obligations.
According to Central Bank of Nigeria, CBN, the reserves rose by $1.4 billion in June, reaching $34.14 billion representing 4.06 per cent in less than a month, given it stood at $32.74 billion on June 3, 2024.
The rise is attributed to new loans from the World Bank, including a $500 million loan for the energy distribution sector, alongside an expected $2.25 billion aid package that will help stabilize the country’s economy and support fiscal sustainability and public services.