CBN Governor Cardoso Reports Nigeria's Reserves at $55B

Nigeria's foreign reserves have crossed the $55 billion mark, reaching their highest level in over 18 years, as stated by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso during a news conference on Tuesday following the 307th Monetary Policy Committee (MPC) meeting in Abuja. Cardoso credited the rebuilding of reserves to a consistent and disciplined approach by the CBN and noted contributions from the diaspora.

He discussed changes in the foreign exchange market, highlighting the closure of the gap between multiple exchange rates that previously existed. The MPC recalibrated the asymmetric corridor around the Monetary Policy Rate (MPR) to +50/-300 basis points, intending to enhance the effectiveness of monetary policy without altering the current policy stance.

The Cash Reserve Requirement (CRR) was retained at 45% for Deposit Money Banks and 16% for Merchant Banks. Additionally, the CBN announced a reduction of the MPR by 350 basis points to 23% from 26.5%.