The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has revealed that the country’s foreign exchange reserves has now risen to 52.52 billion dollars.
Cardoso gave this figure on Tuesday in Abuja, while presenting a communique issued at the end of the 306th meeting of the apex bank’s Monetary Policy Committee (MPC).
NAN reports that he had earlier announced the decision of the MPC to retain the Monetary Policy Rate (MPR) at 26.5 per cent.
The committee also retained the Standing Facilities Corridor around the MPR at +50/-450 basis points.
Cash Reserve Requirement (CRR) for Deposit Money Banks was retained at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent
According to Cardoso, gross external reserves rose to 52.52 billion dollars as of July 17, from 50.47 billion dollars
as at end-May.
He said that the rise was mainly as a result of receipts from crude oil-related taxes and third-party inflows.
