Nigeria’s Foreign Reserves Hit Five-Year High of $43.4bn
Nigeria’s foreign exchange (FX) reserves have climbed to a five-year high of $43.4 billion, according to Mohammed Abdullahi, the Central Bank of Nigeria (CBN) deputy governor for economic policy.
Abdullahi disclosed at the Nigeria Investors Forum held in Washington, D.C., United States, on the sidelines of the IMF World Bank annual meetings, where he led discussions on Nigeria’s economic outlook and reform progress.
“Our gross reserves are at a five-year high of $43.4 billion as of October 10, enough to cover 11 months of imports,” Abdullahi said. “This growth comes after clearing FX backlogs and improving liquidity across the market.”
He added that the naira has remained stable, with the exchange rate premium between official and parallel markets narrowing to less than 3 per cent, compared to over 50 per cent in 2022. Abdullahi also noted that inflation has declined to 18.02 per cent, its lowest level in three years, while capital inflows and remittances have strengthened Nigeria’s balance of payments.
Also speaking, Olayemi Cardoso, governor of the CBN, said the increase in foreign reserves signals renewed investor confidence and the positive impact of ongoing economic reforms.
“Nigeria’s focus remains clear, strengthening our fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and growth,” Cardoso said. “We are encouraged by the progress made so far and remain confident that ongoing reforms are laying a stronger foundation for a more resilient economy.”
