Nigeria's Foreign Reserves Reach $52.52 Billion

On Tuesday, during the 306th meeting of the Monetary Policy Committee (MPC) in Abuja, Yemi Cardoso, the Governor of the Central Bank of Nigeria, announced that Nigeria's foreign exchange reserves rose to $52.52 billion as of July 17, up from $50.47 billion at the end of May. This increase is attributed to receipts from crude oil-related taxes and third-party inflows, which are sufficient to cover approximately 11 months of imports, exceeding the international benchmark of three months.

The MPC decided to maintain the Monetary Policy Rate (MPR) at 26.5% and kept the Standing Facilities Corridor around the MPR at +50/-450 basis points. The Cash Reserve Requirement (CRR) for Deposit Money Banks remains at 45%, for Merchant Banks at 16%, and for non-TSA public sector deposits at 75%.

Cardoso also reported a marginal easing of headline inflation to 15.91% in June from 15.93% in May, driven by a decrease in the non-food component, despite an increase in food inflation.