Nigeria’s Diaspora Remittances Hit $45.5M

Nigeria’s external reserves added $45.3million in July, according to movement in reserves data released by the Central Bank of Nigeria (CBN).

 

The foreign exchange buffer as of July 28, 2022, moved to $39.22billion from $39.17billion it commenced the month under review.

Similarly, experts have attributed the steady increase in external reserves to CBN’s RT $200billion Foreign Exchange Program, stressing that the policy unveiled in February 2022 has revived foreign exchange earnings from non-oil proceeds.

Recall, the CBN in February released the operating guidelines for the non-oil export proceeds repatriation rebate scheme as introduced in the RT200 FX program.

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Although the rebate scheme is just one of the five key anchors of the RT200 FX program, the CBN aims to raise $200.00 billion in foreign exchange earnings.

 

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