Nigeria’s foreign reserves reach $40.88 billion, according to the Central Bank of Nigeria (CBN) governor, marking a positive shift for the country’s economic outlook.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reported an increase in the nation’s foreign reserves, reaching $40.88 billion as of November 21, 2024.
This represents an increase of $82 million, or 2.05%, from the $40.06 billion reported at the close of October.
Cardoso revealed this information on Tuesday at a press conference after the 298th session of the Monetary Policy Committee (MPC) in Abuja. He credited the increase to strategic policies designed to strengthen Nigeria’s external reserves.
“The external reserves increased slightly to $40.88 billion as of November 21, 2024, up from $40.06 billion at the end of October 2024, enough to cover imports for 17 months,” he stated.
However, a review of the apex bank’s website indicated that Nigeria’s foreign reserves were at $40.27 billion on November 22—lower than what Cardoso had presented.
Continuing his remarks at the event, Cardoso mentioned that “it has been a long process to reach our current level of reserves.”
“This clearly indicates that the policies we’ve implemented are definitely producing results,” he added.
It’s essential to emphasize the distinction that reserves serve multiple purposes, one of which is to act as buffers against unexpected shocks.
“They are not meant just for idle use; they exist to help you protect yourself when needed.”
“When discussing unanticipated shocks, it becomes clear how the global economies are affected.”
Cardoso also mentioned that the bank will further enhance its efforts to stabilize both the currency and prices.
The CBN governor stated that “the currency has remained stable compared to its condition in June.”
However, he stated that for the nation’s currency to remain stable, it is essential to boost exports and diversify the economy.
Cardoso mentioned that remittances from the diaspora have risen as a result of newly implemented policies.
He praised the diaspora community for contributing to over $600 million in remittances, aiding the country’s achievements.
