Central Bank of Nigeria (CBN) Governor Olayemi Cardoso says the country’s gross foreign exchange reserves have crossed $55 billion — the highest level in more than 18 years.
Cardoso made the announcement on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, saying the milestone reflects “consistency and discipline in approach.”
“We have been able to rebuild our reserves … we are in excess of $55 billion, the highest number in over 18 years,” he said.
CBN data showed reserves at $54.8 billion as of 22 September. Cardoso credited the stronger external position in part to rising diaspora remittances, noting the bank’s push to lift monthly inflows toward $1 billion has made progress. “As of July, it was almost there,” he said, while cautioning that external shocks could affect flows.
The governor said the improved reserve position, along with better FX liquidity and exchange-rate stability, has strengthened Nigeria’s economic resilience. He added that the CBN will continue to engage Nigerians in the diaspora and encourage investment in the domestic economy.
At its 307th meeting on 22 September, the MPC cut the monetary policy rate by 350 basis points to 23 percent, a move the committee said would enhance monetary policy effectiveness and support the transition to an inflation-targeting framework.
