The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed that Nigeriaâs FX reserves increased by $6 billion last year, saying that the growth was due to the policy undertaken by his administration.
He stated that despite the challenges of 2024, the apex implemented robust reforms that established the nationâs macroeconomic environment.
Cardoso said that by engaging with stakeholders, the bank boosted Nigeriaâs credibility on the global stage as it addressed local challenges.
The changes include clearing the verified forex claims by international airlines and other investors, which amounted to $7 billion. The CBN also discontinued the quasi-fiscal interventions, unifying the multiple exchange rate windows and other achievements.
According to Cardoso, CBN introduced innovations and policies in areas such as the FX market and remittances, financial inclusion, diaspora engagement, compliance, and private and private sector growth.
The financial institutions’ regulators prioritised investor confidence, boosting the efficiency of the financial markets and introducing innovations across sectors.
Leadership reports that the CBN boss said that FX capital imported into Nigeria increased by $6 billion in 2024 due to the policies and reforms. Nigeriaâs external reserves rose to over $40 billion, showing growing confidence in the countryâs economy.
Cardoso outlined the bankâs plans for 2025, saying it will build on the momentum and achievements of the past year to implement robust monetary policies to safeguard Nigeriaâs economy and enhance regulatory frameworks to drive stability and confidence.
The CBNâs helmsman said 2024 was a defining period of transformation, complete with bold decisions, resilience, and measured progress.
Cardoso reaffirmed the bankâs commitment to building a strong and growing economy, stating that the bankâs focus will be strong on three pillars.
He revealed that the CBN is ready to drive sustainability and growth to support Nigeriaâs aspiration of achieving a $1 trillion economy.
âOur vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation,â Cardoso said.
TimesNow.com.ng earlier reported that Nigeriaâs external reserves grew in the past year but have declined sharply due to external debt servicing.
Data from the CBN shows that Nigeriaâs external reserves fell by $320 million, a 0.8 decline in two weeks.
As of January 13, 2025, the reserves stood at about $40.56 billion, relative to $40.88 billion on January 2, 2025.
Source: TimesNow.com.ng
