Foreign Reserve Hits $46 billion – CBN

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed that Nigeria’s foreign reserve has risen to over $46 billion.

Cardoso revealed this during the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja on Tuesday morning.

Cardoso, who was represented by the Deputy Governor Economic Policy Directorate, Dr. Muhammad Abdullahi, stated that it was the first time the country reached such a level since 2018 and that it could cover over 10 months of imports.

The deputy governor has indicated that lending rates may decline in the coming months, a forecast tied to the continued easing of inflation. This development is expected to foster improved access to credit and stimulate stronger investment flows