Foreign Reserves now $49 billion – Cardoso

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria’s foreign exchange (FX) reserves have risen to over $46 billion.

Cardoso, who was represented by Muhammad Abdullahi, deputy governor, economic policy directorate, spoke at the opening of the monetary policy department’s 20th anniversary colloquium at the CBN headquarters in Abuja on Tuesday.

He said it was the first time the country had reached that level since 2018, noting that the amount could cover more than 10 months of imports.

Cardoso also said lending rates may fall in the coming months as inflation continues to ease, boosting prospects for improved credit access and stronger investment inflows.

Checks on the CBN website showed the level was reached on November 14.

The development comes as the naira depreciated to N1,448.03 per dollar at the official section of FX market.

Data by the apex bank showed that the naira depreciated to N1,448.03 on Monday — from N1,442.43 on November 14 at the Nigerian Foreign Exchange Market (NFEM).

At the parallel market, the naira appreciated, closing at N1,455 per dollar on Monday as against N1,457/$ on Friday.

One month ago, Abdullahi said the country’s FX reserves climbed to a five-year high of $43.4 billion.

He said the reserves provided 11 months of import cover.

The growth, he said, came after clearing FX backlogs and improving liquidity across the market.