Olayemi Cardoso, Governor of Central Bank of Nigeria (CBN), has revealed that the country’s foreign exchange reserves have risen to over $46 billion, the highest level in seven years.
Gatekeepers News reports that Cardoso spoke through Muhammad Abdullahi, the deputy Governor in charge of economic policy, at the 20th anniversary colloquium of CBN’s monetary policy department in Abuja.
Cardoso revealed that this milestone has not been reached since 2018, and that the reserves now provide more than 10 months of import cover.
He added that lending rates could decline in the coming months as inflation eases, which would improve access to credit and attract stronger investment inflows. According to the CBN’s own records, the reserves hit this level on November 14.
This announcement coincides with a depreciation of the naira, which fell to ₦1,448.03 per dollar in the official foreign exchange market.
Data from the central bank showed that on Monday, the naira declined from ₦1,442.43 on November 14 at the Nigerian Foreign Exchange Market (NFEM).
In contrast, on the parallel market, the naira gained ground, closing at ₦1,455 per dollar on Monday, compared to ₦1,457 on Friday.
About a month earlier, Abdullahi had stated that the country’s FX reserves had risen to a five‑year high of $43.4 billion, sufficient to cover 11 months of import needs.
He attributed that growth to the clearing of foreign exchange backlogs and enhanced liquidity across the market.
