The Central Bank of Nigeria said Wednesday that the $42.01billion external reserves of the country can finance importation of goods and services for more than nine months in 2025.
This is as the apex bank, assured Nigerians of better economic fortunes in 2025. The Governor of the CBN, Mr Olayemi Cardoso stated this during performance index report presentation to the Senate Committee on Banking, Insurance and other Financial Institutions.
“The CBN Governor said, “External Reserves rose from $38.35bilion it was on September 30, 2024, to $42.01billion as of December 12, 2024.
He explained that the increase in external reserves within the stated period, was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.
He said, “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, 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 2025 fiscal year , through policies and measures that had been put on ground.
Cardoso said, “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.
He explained that diaspora remittances through the International Money Transfer Operators (IMTOs) totalled $4.22 billion from January to October 2024, almost doubling the $2.62 billion recorded in the corresponding period in 2023.
The increase in remittances represents a growth of approximately 61.1% in one year.
Providing a monthly breakdown, Cardoso noted that remittances rose from $336.61 million in September 2024 to $402.38 million in October 2024.
