Nigeria’s external reserves saw a significant boost, surpassing $40 billion by December 2024, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Speaking at the 2025 Monetary Policy Forum in Abuja, Cardoso revealed that this achievement is part of the nation’s broader efforts to stabilise the economy and manage inflation effectively.
The increase in the country’s reserves marks a positive stride toward improving Nigeria’s economic resilience amidst ongoing global financial challenges. The CBN Governor attributed this progress to the disciplined approach in managing monetary policy, as well as the effective coordination between fiscal and monetary authorities.
“We have made measurable progress with relative stability in the foreign exchange market, narrowing exchange rate disparities, and building up our external reserves,” Cardoso said during his address, highlighting the bank’s ongoing commitment to ensuring that inflation remains under control while stabilising the economy.
The Governor further outlined that the CBN’s focus remains on price stability, the planned transition to an inflation-targeting framework, and efforts to restore purchasing power for Nigerians, thereby reducing economic hardship. He reiterated the CBN’s commitment to staying focused on its core mandate of price stability and the long-term economic growth of the country.
Cardoso also discussed future strategies to strengthen Nigeria’s banking sector, including new minimum capital requirements for banks, set to take effect in March 2026. These reforms are part of the CBN’s broader vision to ensure that Nigeria’s banking industry remains resilient and supports the country’s goal of becoming a $1 trillion economy.
The CBN Governor also announced the launch of the Nigeria Foreign Exchange Code, a move designed to enhance transparency, fairness, and efficiency within the country’s FX market, further solidifying the country’s path towards economic stability.