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.
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.