The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria’s FX reserves have reached more than $40 billion, the highest in 33 months.
During a symposium in Abuja, the CBN boss disclosed that the apex bank has achieved significant milestones under his leadership. He disclosed that inflationary trends are now pointing downwards, showing the effectiveness of the bank’s interventions.
He said the reforms had produced positive results, including improvements in the foreign exchange market and the stabilisation of foreign reserves, which has now exceeded the $40 billion ceiling.
He said the achievements were due to solid policy measures, including recalibrating the Monetary Policy Rate (MPR) and raising the Cash Reserve Ratio (CRR) for commercial banks to 50%.
Cardoso said the measures aimed at curbing inflation and economic stability, highlighting improvements in the FX market and cited the elimination of multiple exchange rate windows....Read Full Article [Click Here>]
He disclosed that the reform had addressed the FX backlog settlements and curbed revenue losses estimated at N6.2 trillion in 2022. The bank’s drive comes as the naira tumbled in the FX market on Friday, November 8, 2024, to N1,678.87 per dollar as against the N1,639 it exchanged the previous day.
The Nigerian naira dropped in value against the US dollar at the official (Nigerian Autonomous Foreign Exchange Market).
Data obtained from FMDQ securities, where naira is officially traded, showed that the Nigerian currency closed at N1,678.87 per dollar on Friday, November 8, 2024.
The naira’s fall occurred despite an improvement in the forex supply to the spot market during the session.
