Abuja, Dec. 2024 – Nigeria’s external reserves of $42bn can fund importation of goods and services into the country for nine months.
Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), disclosed this during a meeting with the Senate committee on banking, insurance, and other financial institutions on Wednesday.
He said the external reserves rose from $38.35 billion on Sept. 30, 2024, to $42.01 billion as of December 12, 2024.
Cardoso said the rise in the external reserves was driven largely by receipts from crude oil-related taxes and third-party receipts in Q3 2024.
“We maintained a current account surplus and saw remarkable improvements in our trade balance.
“Our external reserves level can finance over nine months of import of goods and services, higher than the international benchmark of three months and a robust buffer against shocks,” he said.
Cardoso expressed optimism that the Nigerian economy will take a better shape in the 2025 fiscal year through policies and measures already taken by the federal government.
“Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism,” Cardoso said.
“The gradual stabilisation 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.
