CBN Governor Cardoso Addresses Nigeria's Reserve Concerns

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), addressed concerns regarding the recent decline in Nigeria's external reserves during a press briefing on April 17, following the International Monetary Fund (IMF) Spring Meeting. He emphasized that the country's reserves, currently providing 13 months of import cover, exceed the minimum benchmark recommended by the IMF, which is typically three to six months of import cover.

Cardoso noted that the fluctuations in reserves are normal and should not be overinterpreted, asserting that Nigeria's reserve position remains strong despite recent pressures. As of March 26, 2026, the reserves stood at $49.48 billion, reflecting a downward trend from a peak of $50.03 billion.

Fitch Ratings has projected a decline in Nigeria's foreign exchange reserves, but Cardoso maintained that the CBN's interventions in the foreign exchange market have significantly improved liquidity. He reiterated the importance of targeting interventions to maintain economic stability.