Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), announced that the country’s foreign reserves increased to $40.88 billion as of November 21.
During a press conference following the monetary policy committee’s 298th meeting in Abuja, Cardoso explained that external reserves grew from $40.06 billion at the end of October to $40.88 billion in November. This represents an increase of $82 million or 2.05 per cent over just 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he stated. However, the bank’s own website showed the reserves at $40.27 billion on November 22—slightly lower than Cardoso’s figure.
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Cardoso described the reserves’ growth as a long process and a clear indication that the bank’s policies are producing positive results. He emphasised that reserves serve multiple purposes, primarily creating buffers against unexpected economic challenges. “They are not there to simply whittle away,” he explained, “but to defend the country where necessary.”
The CBN governor also discussed efforts to stabilise Nigeria’s currency and prices. He noted that the currency has been more stable compared to its status in June, but stressed that long-term stability requires increased exports and economic diversification.
On the bright side, Cardoso commended Nigerians living abroad for contributing over $600 million in remittances, attributing this success to recently implemented policies.
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