Nigeria’s foreign reserves hit 46 billion dollars

The Governor of the Central Bank of Nigeria, Yemi Cardoso, says the country’s foreign reserve has risen to over 46 billion dollars. Mr Cardoso, represented by the Deputy Governor Economic Policy Directorate, Dr Muhammad Abdullahi, disclosed this at the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja. He said it was the first time the reserve had reached that level since 2018.

Dr Abdullahi noted that the current level of reserves could cover more than ten months of imports. He added that lending rates may decline in the coming months as inflation continues to ease, which could improve access to credit and boost investment inflows.

Data from the Central Bank showed that the naira depreciated slightly at the Nigerian Foreign Exchange Market on Monday, closing at 1,448.03 naira to the dollar compared to 1,442.43 naira on Friday. In the parallel market, the currency appreciated by two naira to close at 1,455 naira.

Also Read: Nigeria’s Foreign Reserves Hit $43bn, Highest in Five Years

The rise in external reserves to 46.7 billion dollars has been linked to the federal government’s Eurobond issuance and increased foreign exchange inflows. However, the Bank reported that Foreign Direct Investment fell by 25 per cent month on month to 222 million dollars, reflecting ongoing challenges such as insecurity and policy uncertainty.