Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has announced an increase in the country’s foreign reserves to $40.88 billion as of November 21, 2024.
Cardoso disclosed this on Tuesday during a press conference following the 298th meeting of the Monetary Policy Committee (MPC) in Abuja.
According to the CBN governor, the reserves grew from $40.06 billion at the end of October to $40.88 billion in November, reflecting an increase of $82 million or 2.05 percent over 21 days.
“The external reserves rose marginally to $40.88 billion as of November 21, 2024, from $40.06 billion at the end of October 2024, sufficient to finance 17 months of imports,” Cardoso said.
However, data on the CBN’s official website indicated that Nigeria’s foreign reserves stood at $40.27 billion on November 22, slightly below the figure presented by the governor.
Cardoso attributed the rise in reserves to effective policy measures implemented by the bank, which he said are delivering positive results.
“It is a clear indication that the policies we have put in place are yielding fruits,” he said. “Reserves are there for various purposes, including serving as buffers against unanticipated economic shocks.”
The CBN governor emphasized that reserves are not meant for indiscriminate use but to stabilize the economy during unforeseen challenges.
“We must understand that reserves are not there to simply deplete. They are critical for defending the economy during times of unexpected shocks, which we have seen in global economies,” he added.
Cardoso also highlighted the bank’s ongoing efforts to stabilize the currency and maintain price stability.
“The currency has been more stable compared to what it was in June,” he said. However, he noted that achieving lasting stability requires increased exports and diversification of the economy.
The governor further announced that diaspora remittances have risen significantly due to recent policies, reaching over $600 million. He praised Nigerians in the diaspora for their contributions to the country’s economic development.
