Nigeria’s foreign reserve surpasses $46 Billion, CBN Governor announces

The nation’s foreign reserve has climbed to over $46 billion, the highest level since 2018, the Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has revealed.

Speaking at the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja on Tuesday, Mr. Cardoso highlighted that the reserve level could now cover more than 10 months of imports, signaling a significant boost to the country’s economic stability.

He noted that this milestone marks a remarkable recovery for Nigeria’s foreign reserves, reflecting improved economic management and international confidence in the country’s financial systems.

Further details on the factors contributing to this increase are expected to be released by the CBN.