ABUJA- THE Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso, has said that the $42.01billion external reserves of the country can finance importation of goods and services for more than nine months.
Speaking yesterday in Abuja during performance index report presentation before Senate Committee on Banking , Insurance and other Financial Institutions, Cardoso assured Nigerians of better economic fortunes in 2025 .
Cardoso stated: “External Reserves rose from $38.35bilion it was on September 30, 2024 , to $42.01billion as of December 12, 2024”.
The increase in external reserves within the stated period, he explained, was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.
He stated further, “We maintained a current account surplus and saw remarkable improvements in our trade balance.
“Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.
On cash shortage, the CBN boss who reiterated application of new policy of N150million fine against any branch of Banks caught indulging in illegal distribution of new Naira notes to currency hawkers and unscrupulous elements, said that the Nigeria economy will take a better shape in 2025 fiscal year, through policies and measures that had been put on ground.
Assuring of a brighter future for the economy, he stated: “Despite the challenges facing our economy, there are clear reasons for optimism.
“The gradual stabilization of the forex market, ongoing banking sector recapitalization, positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”