🗣 Nigeria’s $42 Billion Reserves Can Fund Nine Months of Imports – CBN
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that the country’s external reserves, now at $42.01 billion, are sufficient to finance imports for over nine months. Speaking before the Senate Committee on Banking, Cardoso highlighted the reserves' rise from $38.35 billion on September 30, 2024, attributing the increase to oil-related tax receipts and third-party revenues.
Cardoso noted that Nigeria's reserves exceed the international benchmark of three months of import cover, providing a strong buffer against economic shocks. He expressed optimism for 2025, citing the stabilization of the forex market, banking sector recapitalization, and growth in the services sector as key indicators of economic recovery and stability.
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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that the country’s external reserves, now at $42.01 billion, are sufficient to finance imports for over nine months. Speaking before the Senate Committee on Banking, Cardoso highlighted the reserves' rise from $38.35 billion on September 30, 2024, attributing the increase to oil-related tax receipts and third-party revenues.
Cardoso noted that Nigeria's reserves exceed the international benchmark of three months of import cover, providing a strong buffer against economic shocks. He expressed optimism for 2025, citing the stabilization of the forex market, banking sector recapitalization, and growth in the services sector as key indicators of economic recovery and stability.
Nairaland Pulse News | Subscribe