Central Bank of Nigeria (CBN) governor Olayemi Cardoso said on Tuesday, September 22, said Nigeria’s gross foreign exchange (FX) reserves had crossed $55 billion, the highest level in more than 18 years.
Cardoso disclosed this in Abuja after the Monetary Policy Committee (MPC) meeting, attributing the increase in reserves to consistency and discipline in the CBN’s approach.
The disclosure came as recent CBN data showed that the country’s reserves stood at $54.8 billion as of September 22.
Cardoso also attributed the strengthening external position partly to increased diaspora remittances, saying the CBN’s efforts to raise monthly inflows towards $1 billion had yielded results.
He said diaspora remittances were almost at $1 billion as of July.
The governor said the improved reserve position, alongside improved foreign exchange liquidity and exchange-rate stability, had strengthened Nigeria’s resilience.
He added that the CBN was confident that remittances would continue to grow, although external shocks could affect the flows.
Cardoso said the apex bank would continue to engage Nigerians in the diaspora and encourage them to invest in the domestic economy.
The governor’s disclosure came a day after the MPC cut the Monetary Policy Rate by 350 basis points to 23 percent at its 307th meeting.
The committee said the decision would enhance the effectiveness of monetary policy and support Nigeria’s transition to an inflation-targeting framework.
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