Olayemi Cardoso, Governor of Central Bank of Nigeria (CBN), told the Senate Committee on Banking, Insurance, and Other Financial Institutions on Thursday that Nigeria’s foreign reserves have risen to $46.7 billion, the highest in nearly seven years.
Gatekeepers News reports that Cardoso said the reserves now provide about 10.3 months of import cover, reflecting growing confidence in the economy and a more stable foreign exchange market.
He noted that the gap between the official and parallel market exchange rates has narrowed to under 2 percent, down from over 60 percent a year ago.
The average exchange rate at the Nigerian forex market strengthened to ₦1,442.92 per dollar as of November 26, compared with ₦1,551.08 in the first half of 2025.
He highlighted that diaspora remittances surged by 66.7 percent, rising from $200 million monthly to around $600 million recently. The CBN governor also said the resolution of $7 billion in verified FX backlog restored credibility and confidence in the economy.
On inflation, Cardoso stated that it has declined for seven consecutive months, reaching 16.05 percent in October, the lowest in three years, while food inflation dropped to 13.12 percent. He reported that real GDP grew by 3.98 percent in Q3 2025, driven by crop production, ICT, real estate, and financial services.
Cardoso described prospects for 2026 as very positive, highlighting Nigeria’s position as one of Africa’s leading digital payments markets, supported by a thriving fintech ecosystem that has produced eight of the continent’s nine unicorns.
The committee chairman, Tokunbo Abiru, praised the CBN’s monetary policy, noting remarkable macroeconomic improvements since July.
He commended the bank for its role in earning Nigeria favourable ratings from Fitch and S&P Global Ratings, reflecting improved investor confidence, policy credibility, and macroeconomic stability.
