Nigeria’s Forex Reserves Climb to $52.52bn, CBN Maintains MPR at 26.5%

At its 306th Monetary Policy Committee meeting in Abuja, the Central Bank of Nigeria reported that gross external reserves rose to $52.52 billion as of July 17, up from $50.47 billion at the end of May. The MPC decided to keep the Monetary Policy Rate at 26.5% and held the standing facilities corridor at +50/−450 basis points. Cash reserve requirements remain unchanged at 45% for commercial banks, 16% for merchant banks, and 75% for non-TSA public sector deposits. According to NAN, the increase in reserves was largely driven by crude oil taxes and third-party inflows, reflecting improved foreign exchange liquidity.

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