The Central Bank of Nigeria (CBN) has disclosed that the nation’s external reserves, which stand at $42.01 billion, are sufficient to finance the importation of goods and services for over nine months.
CBN Governor, Mr. Olayemi Cardoso, made this known in Abuja during a performance report presentation to the Senate Committee on Banking, Insurance, and other Financial Institutions. He assured Nigerians of brighter economic prospects in 2025, driven by strategic policies already in place.
“External reserves rose from $38.35 billion on September 30, 2024, to $42.01 billion as of December 12, 2024. This growth was fueled by crude oil-related tax receipts and third-party payments in the third quarter of 2024,” Cardoso stated.
He noted that Nigeria’s external reserves could support 9.09 months of imports for goods and services, exceeding the international benchmark of three months, providing a strong buffer against economic shocks.
Addressing cash shortages, the governor emphasized the enforcement of a new policy imposing a N150 million fine on any bank branch found distributing new naira notes illegally.
Cardoso highlighted ongoing efforts to stabilize the forex market, recapitalize the banking sector, and foster growth in key sectors, particularly services, as indicators of economic recovery and stability.
Impressed by the presentation, Senator Adetokunbo Abiru, Chairman of the Committee, commended the governor, though applause is prohibited in the Senate chamber.
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