Nigeria's Foreign Reserves Exceed $40 Billion Under CBN

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced that Nigeria's net foreign reserves have exceeded $40 billion, a notable rise from $3 billion when he took office in 2023. He revealed that the country's gross external reserves have climbed to $52 billion, providing approximately 10 months of import cover.

Cardoso discussed the CBN's comprehensive operational guidelines for the electronic foreign exchange purchasing platform and the introduction of a real-time transaction monitoring system to enhance compliance and regulatory oversight in the Nigerian foreign exchange market. He noted that diaspora remittances are projected to reach $1 billion monthly by the end of the year, driven by policy reforms that have removed bottlenecks in fund inflow.

Cardoso emphasized that the stronger reserve position allows the CBN sufficient capacity to intervene when necessary to cushion the economy against external shocks.