According to the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.
This is as the apex bank, guaranteed Nigerians of better economic fortunes in 2025.
The statement was made by Mr. Olayemi Cardoso, the governor of the apex bank when he presented the Senate Committee on Banking, Insurance, and Other Financial Institutions with the performance index report.
According to the CBN governor, “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024.Finance”
He clarified that third-party receipts in Q3 2024 and revenues from taxes related to crude oil were the main drivers of the rise in foreign reserves during the specified time.
“We maintained a current account surplus and saw remarkable improvements in our trade balance.
“Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks,” he said.
Regarding the cash shortage, the head of the CBN reaffirmed the implementation of the new policy, which imposes a punishment of N150 million on any bank branch found to be engaging in the unlawful distribution of fresh Naira notes to currency hawkers and dishonest individuals.
He went on to say that the policies and initiatives that have been implemented will help the Nigerian economy improve in the fiscal year 2025.
“Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism.
“ The gradual stabilization of the forex market, ongoing banking sector recapitalisation, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability,” he said.
The committee’s chairman, Senator Adetokunbo Abiru (APC Lagos East), was delighted by his presentation and stated he deserved a round of applause, which is not permitted in the Senate.
Manomsi Mallum
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