Nigeria’s external reserves have grown to $42.01 billion, enabling the country to finance imports for over nine months, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking before the Senate Committee on Banking, Insurance, and Financial Institutions in Abuja, Cardoso highlighted the rise in reserves from $38.35 billion at the end of September to $42.01 billion by mid-December 2024. He attributed the increase to crude oil-related taxes and third-party receipts, emphasizing that this level of reserves exceeds the international benchmark of three months of import cover and provides a strong buffer against economic shocks.
Cardoso further underscored ongoing efforts to stabilize the Nigerian economy, including policies addressing cash shortages and penalties for illegal distribution of new naira notes. He assured that the measures in place would enhance economic stability by 2025. The CBN Governor emphasized a surplus in the current account, an improved trade balance, and a robust external reserve position as indicators of progress. These trends reflect the bank’s commitment to addressing systemic challenges while creating an enabling environment for sustainable growth.
Highlighting a promising outlook, Cardoso pointed to positive growth in key sectors, particularly services, and efforts to stabilize the foreign exchange market and recapitalize banks. He reassured Nigerians that despite the challenges, strategic policies are paving the way for a more stable and resilient economy. By focusing on fiscal discipline and structural reforms, he projected better economic fortunes in the coming year.
