… Reserves Now Cover Over 10 Months Of Imports, Boosting Economic Stability
… CBN Attributes Rise To Investor Confidence, Fiscal, Monetary Reforms
Daud Olatunji
Nigeria’s foreign reserves have surged to $46.8 billion, the highest level the country has recorded in nearly eight years, the Central Bank of Nigeria (CBN) has disclosed.
Speaking at the 20th anniversary of the CBN’s Monetary Policy Department (MPD) in Abuja on Tuesday, CBN Governor, Yemi Cardoso, said the rise reflects growing investor confidence and robust foreign inflows.
He was represented at the event by the Deputy Governor in charge of Economic Policy, Dr. Mohammed Sani Abdullahi, who delivered the remarks on his behalf.
“Today, Nigeria has a reserve buffer that can cover more than 10 months of imports, signaling a stronger economic foundation and resilience against external shocks,” Cardoso said.
Dr. Abdullahi added that the steady improvement in reserves is not accidental, but the outcome of deliberate monetary and fiscal reforms implemented by the CBN and the federal government.
“Our reforms have encouraged foreign investment, strengthened the external sector, and improved Nigeria’s credit standing,” he said.
According to the CBN governor, the increase also supports efforts to maintain a healthy foreign exchange market and signals a more stable economic outlook for the country.
Analysts say the record reserves could help stabilize the naira, cushion against oil price shocks, and reassure both domestic and international investors of Nigeria’s growing economic resilience.
“This is a major vote of confidence in Nigeria’s economy,” said economic analyst Chinonso Obiora.
“It shows that structural reforms are bearing fruit, and the country is better positioned to withstand external financial pressures.”
The rise in foreign reserves comes amid continued efforts to diversify the economy, attract foreign capital, and improve monetary policy efficiency.
Experts believe maintaining this trend will be critical in sustaining economic growth in the coming years.
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