March 21, 2024

The Central Bank of Nigeria (CBN) has reported a significant increase in external reserves, rising by 993 million dollars to 34.11 billion dollars as of March 7, the highest level in eight months.

The apex bank reported that month-on-month increase was driven by a marked advance in remittance payments by Nigerians overseas.

This is according to a statement by CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi.

The Apex bank said further that higher purchases of local assets, including government debt securities, by foreign investors was also responsible for the increase.