External reserves rises to $33.28 billion

Nigeria’s external reserve has hit $33.28 billion according to the latest figures from the Central Bank of Nigeria. According to the figures, the reserves rose from $31.1 billion on July 14^th to $33.28 billion on July 29 representing an increase of $280 billion, a plus for the country.

The external reserves had lost $2 billion in the first half of 2021, declining 0.5 percent to $33.37 billion from $35.37 billion recorded on December 31st 2020. It further went down to $33.1 billion as at July 14th before rising to the present volume on July 29th.

The reserve is used to finance the country’s imports and the higher the reserve is the more the months of imports it could finance for the country.