Nigeria’s foreign reserves hit $46 billion, highest level since 2018

‎Nigeria’s foreign exchange reserves have climbed to over $46 billion, a level not seen since 2018, according to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso.
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‎The Governor disclosed the figure on Tuesday morning in Abuja at the 20th-anniversary colloquium, Monetary Policy Department, describing it as a turning point for the macroeconomic stability of Nigeria. This new reserve level is reported to provide import cover for over 10 months.
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‎The CBN under Governor Cardoso has introduced several reforms, including strengthening regulatory oversight and prioritizing inflation management. These measures, coupled with higher crude oil prices and increased foreign exchange inflows, are seen as the drivers behind the reserve rebound.
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‎The reported $46 billion reserve can cover more than 10 months of imports.  Mr. Cardoso stated the reserve aids the CBN in defending the naira and supports the ongoing foreign exchange (FX) market reforms designed to foster greater transparency and stability.
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‎Economists and analysts note that the improved import cover provides breathing room for budget planning and managing FX demand, but stability requires continued fiscal discipline and addressing structural issues that drive currency demand and inflation.
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