Nigeria’s external reserves have surged to $46.7 billion — the highest level recorded since 2018 — sparking renewed optimism for economic stability and improved credit conditions.
The milestone was revealed by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who was represented by the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Abdullahi. He made the announcement during the opening of the Monetary Policy Department’s 20th anniversary colloquium at the CBN headquarters in Abuja.
According to Abdullahi, the current reserve level is significant enough to cover more than 10 months of imports, marking a major boost for investor confidence and foreign exchange liquidity. He added that lending rates are expected to decline in the coming months as inflation continues to ease, potentially improving access to credit and stimulating investment across key sectors of the economy.
Fresh data released by the CBN also showed mild fluctuations in the foreign exchange market. The naira depreciated slightly by 0.4% at the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,448.03 per dollar on Monday compared to ₦1,442.43 on Friday. However, in the parallel market, the currency strengthened marginally, appreciating by ₦2 to close at ₦1,455 per dollar.
Analysts attribute the sharp rise in external reserves to the federal government’s recent Eurobond issuance and an uptick in foreign exchange inflows. The development is expected to ease pressure on the FX market, support exchange rate stability, and strengthen Nigeria’s macroeconomic outlook in the months ahead.
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