The Central Bank of Nigeria during its monetary policy committee briefing has revealed that the increase recorded in Nigeria’s external reserve was due to inflows from non-oil sources.
According to the apex bank, the external reserve increased by 1.61% ($620 million) to close the month of June 2022 at $39.22 billion from $38.6 billion recorded as of the end of the previous month.
Nigeria’s external reserve had been on a downtrend since the beginning of the year, losing a total of $2.04 billion between January and May 2022, however, the reserve level recorded a rear growth in the month of June.