The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have reached over $40bn, making it the highest level attained in almost three years.
He disclosed this during a symposium in Abuja on Thursday, to celebrate the first anniversary of the Bank’s management team
It also coincided with the unveiling of the compendium, “Promoting Stability in an Era of Economic Reforms: The Journey So Far”.
In his keynote address, Cardoso reflected on the significant milestones achieved under his leadership, stating that the reforms initiated by the Bank had begun to yield positive results.
According to a press statement on Thursday, Cardoso described the past year as one of transformation, despite the challenging economic environment.
The governor noted that inflation, which had surged to 24.1 per cent by mid-2023, is now on a downward trajectory, signifying the effectiveness of the Bank’s interventions.
The statement read, “According to Governor Cardoso, the reforms had started to yield positive results, including marked improvements in the FX market and a stabilisation of foreign reserves, which have now surpassed the $40 billion mark, the highest in 33 months.
“While noting that inflation remained elevated, he said it was on a downward trend, signaling that the reforms were taking hold in restoring market equilibrium and fostering growth.”
He attributed these achievements to robust policy measures, including recalibrating the Monetary Policy Rate, which was increased by 850 basis points to 27.25 per cent, and raising the Cash Reserve Ratio for commercial banks to 50 per cent.
These measures, he explained, were aimed at curbing inflation and stabilizing in the economy.