Nigeria’s FX reserves hit $40bn, highest in nearly 3 years – CBN Governor Cardoso

Nigeria’s foreign exchange reserves have surged to over $40 billion, marking their highest level in almost three years, Central Bank Governor Olayemi Cardoso announced Thursday. The milestone was revealed during a symposium in Abuja that celebrated his team’s first year in office.

During the event, which featured the launch of a report titled “Promoting Stability in an Era of Economic Reforms: The Journey So Far,” Cardoso highlighted significant economic improvements under his leadership.

According to the official statement released Thursday: “According to Governor Cardoso, the reforms had started to yield positive results, including marked improvements in the FX market and a stabilisation of foreign reserves, which have now surpassed the $ 40 billion mark, the highest in 33 months. “While noting that inflation remained elevated, he said it was on a downward trend, signalling that the reforms were taking hold in restoring market equilibrium and fostering growth.”