World Bank Loan Boosts Nigeria’s Foreign Reserves by $1.4 Billion

Nigeria’s foreign reserves increased by $1.4 billion in June, reaching $34.14 billion, according to data from the country’s Central Bank. With this growth, Nigeria’s foreign reserves has risen 4.06% in less than a month, given it stood at $32.74 billion on June 3, 2024. The rise in the nation’s reserves is attributed to new loans from the World Bank, including a $500 million loan for the energy distribution sector, alongside an expected $2.25 billion aid package that will help stabilize the country’s economy and support fiscal sustainability and public services. It is also a movement in the right direction, especially since the reserves dipped by over $2 billion in April due to debt servicing obligations.

SOURCE: THE PUNCH