Nigeria’s foreign reserves have surged past $46 billion, marking a significant milestone for the nation’s economy and providing stronger support for import financing and external stability.
This level, the highest in five years, reflects sustained efforts to stabilize the country’s financial position amid global economic challenges.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said the reserves now provide the capacity to cover over 10 months of import needs, a development he described as “a major achievement for the nation’s monetary stability.”
Cardoso made the announcement during the 20th-anniversary colloquium of the CBN’s Monetary Policy Department in Abuja on Tuesday.
“This is the first time since 2018 that our reserves have reached such a robust level, underscoring our commitment to economic resilience,” he stated.
This growth in reserves, he added, signals confidence in Nigeria’s economic management while providing a buffer against external shocks, particularly in the foreign exchange market.
The Guild reports that the CBN continues to implement measures aimed at preserving reserves, including strategic interventions in the foreign exchange market and policies to enhance export earnings, as Nigeria seeks to consolidate its economic gains amid global uncertainties.
