• CBN Governor, Yemi Cardoso
The Central Bank of Nigeria has said that the $42billion external reserves of the country, can finance importation of goods and services for more than nine months.
This is as the apex bank assured Nigerians of better economic fortunes in 2025.
Governor of the CBN, Dr. Olayemi Cardoso made the declaration when he presented a performance index report to the Senate Committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru at the National Assembly, Abuja.
“External Reserves rose from $38.35bilion in September to $42.01billion as of December 12, 2024,” he said.
The increase in external reserves within the stated period, he explained, was fueled largely by receipts from crude oil related taxes and third party receipts in third quarter 2024.
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“Our external reserves level can finance over 9.09 months 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,” he said.
On cash shortage, the CBN Governor 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.
He added that the Nigeria economy will take a better shape in the 2025 fiscal year, through policies and measures already in emplaced.
“Distinguished Senators, as we conclude this briefing, I want to highlight that 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,” he said.
The Chairman of the Committee, Senator Adetokunbo Abiru (APC – Lagos East), in his response, said the CBN deserved commendation.
