CBN Warns of Risks to $50.45bn Foreign Reserves
The Central Bank of Nigeria (CBN) has issued a warning regarding potential threats to the country's foreign reserves, currently at $50.45 billion, the highest level in 13 years, due to oil price shocks and increased pre-election spending. CBN Governor Olayemi Cardoso addressed these concerns following the Monetary Policy Committee (MPC) meeting held on Tuesday in Abuja.
He highlighted that the fiscal deficit projected for 2027 and the impact of pre-election spending could destabilize the reserves. Cardoso assured that the CBN would continue to implement policies to maintain the reserves and avoid any policy reversals.
The reserves provide import cover for 9.68 months of goods and services. The CBN also reduced the benchmark interest rate by 50 basis points to 27 percent, aiming to support economic stability and encourage lending.
Cardoso noted that the CBN would provide a breakdown of the country's net external reserves and emphasized the importance of managing risks to sustain exchange rate stability.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
Read full article
Continue on Blueprint
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria's Foreign Reserves Reach $48.5 Billion High
Nigeria's Net Reserves to Hit $34.80 Billion by 2025
CBN's Executive Order on Oil Revenues to Boost Reserves
Nigeria's Foreign Reserves Hit $46.01bn, Strengthening FX Buffers Amid Economic Reforms
Nigeria's External Reserves Reach $50.45 Billion in 2026
CBN Reforms Boost Nigeria's Reserves and Stabilize Naira
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
