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

Nigeria’s foreign exchange reserves have risen to a five-year high of 43.4 billion dollars, according to the Central Bank Governor, Olayemi Cardoso. Speaking at the Nigeria Investors Forum in Washington, D.C, on the sidelines of the IMF–World Bank meetings, Cardoso said the increase reflects renewed investor confidence and the success of ongoing fiscal and monetary reforms.

He explained that the reserves, which provide 11 months of import cover, demonstrate improved foreign exchange inflows and stronger coordination between the Central Bank and the Ministry of Finance. Cardoso added that the reforms are laying the groundwork for a more stable and resilient economy.

Also Read: Inflation Rate Will Drop To 21% In 2024, Says Cardoso

CBN Deputy Governor for Economic Policy, Mohammed Abdullahi, said the reserves were rebuilt even after clearing foreign exchange backlogs, adding that the naira has stabilised with the gap between official and parallel market rates narrowing to less than three percent.

Abdullahi also noted that inflation has dropped to 18.02 percent, its lowest in three years, while rising capital inflows and remittances have strengthened Nigeria’s balance of payments. The CBN said it remains committed to transparent monetary policy and continued alignment with government fiscal reforms.