Nigeria Foreign Reserve Hits 40 Billion Dollars, Breaks 33 Months Record

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 The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has confidently declared that Nigeria’s foreign exchange reserves have decisively surpassed $40 billion, reaching their highest level in 33 months.

He made this announcement during a significant symposium in Abuja on Thursday, which also served as the launch event for the compendium titled “Promoting Stability in an Era of Economic Reforms: The Journey So Far.” This milestone marks the first anniversary of the current management team at the Bank.

In his keynote address, Cardoso unapologetically highlighted the substantial achievements under his leadership, asserting that the reforms initiated by the Bank are yielding impressive results.

A press statement released on Thursday emphasized Cardoso’s assertion that the past year has been one of transformation, despite facing a challenging economic landscape.

He pointed out that inflation, which spiked to 24.1 percent by mid-2023, is now on a clear downward path, showcasing the effectiveness of the Bank’s interventions.

The statement clearly stated, “Governor Cardoso asserted that the reforms have begun to produce notable outcomes, including significant improvements in the foreign exchange market and a robust stabilization of foreign reserves, now exceeding the $40 billion mark—the highest in 33 months."

While recognizing that inflation still poses a challenge, he firmly stated that it is trending downward, demonstrating that the reforms are effectively restoring market equilibrium and driving economic growth.

Cardoso attributed these accomplishments to strong and decisive policy measures, including a recalibration of the Monetary Policy Rate, which was raised by 850 basis points to 27.25 percent, along with an increase in the Cash Reserve Ratio for commercial banks to 50 percent. These measures are unapologetically aimed at curbing inflation and stabilizing the economy.

The governor further underscored the significant improvements in the foreign exchange market, highlighting the elimination of multiple exchange rate windows that had previously created arbitrage opportunities and deterred foreign investment. This reform has decisively addressed a backlog of foreign exchange settlements and eliminated revenue losses estimated at ₦6.2 trillion in 2022.

Additionally, the Central Bank of Nigeria's drive to bolster foreign remittances is a crucial component of its broader economic strategy. Cardoso reaffirmed the Bank’s ambitious target of achieving $1 billion in monthly remittances, positioning this goal as critical for enhancing Nigeria’s foreign reserves and ensuring economic stability.

He also outlined robust steps taken to tackle Nigeria’s persistent decline in foreign direct investment and portfolio investments, challenges that have plagued the country for over a decade.

In response to these issues, the Central Bank has implemented new operational guidelines for Bureau de Change operators, further enhancing regulation and decisively minimizing disruptions in the foreign exchange market.

Cardoso emphasized the CBN’s unwavering commitment to digital transformation through its Digital-First Initiative, reinforcing the Bank's proactive approach to driving economic progress.

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