Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have climbed to over $40 billion, reaching their highest level in 33 months. This significant increase underscores the country’s efforts to strengthen its economic position amid ongoing fiscal reforms.
The development, revealed on Thursday, highlights a substantial rebound in the country’s reserve levels, which last peaked in this range nearly three years ago. Governor Cardoso attributed this improvement to recent policy adjustments aimed at bolstering investor confidence and stabilizing the foreign exchange market.
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The new reserve level is expected to provide the country with a stronger buffer for currency stability and strengthen Nigeria’s economic resilience. This milestone, a result of strategic financial management by the CBN, also sends a positive signal to international markets about Nigeria’s economic recovery trajectory.
