Tayo Busayo, Abuja
DAILY COURIER – The Central Bank of Nigeria (CBN) has revealed that the country’s external reserves have risen to $42.01 billion as of December 12, 2024, a development that provides sufficient capacity to finance importation needs for over nine months. This was disclosed by CBN Governor, Mr. Olayemi Cardoso, during his presentation of the performance index report to the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on Wednesday.
Mr. Cardoso noted that the reserves increased from $38.35 billion on September 30, 2024, to the current figure of $42.01 billion. He attributed this growth to receipts from crude oil-related taxes and third-party inflows recorded during the third quarter of the year.
He emphasized that Nigeria maintained a current account surplus during the period, with a notable improvement in the trade balance.
“This figure far exceeds the international benchmark of three months' import cover, providing Nigeria with a robust buffer against economic shocks,” Cardoso said.
In addressing the c#hallenge of cash shortages, the CBN governor announced the introduction of a stringent policy to curb the illegal distribution of new Naira notes. Banks found guilty of distributing currency to unauthorized entities, such as hawkers, will face a hefty penalty of N150 million per branch.
Mr. Cardoso expressed confidence in Nigeria’s economic outlook for 2025, citing ongoing reforms and policies aimed at stabilizing the economy.
“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a clear path toward recovery and stability,” he said.
The CBN governor reiterated the apex bank’s commitment to fostering economic growth through sound monetary policies and proactive interventions.
The chairman of the Senate Committee, Senator Adetokunbo Abiru (APC, Lagos East), praised the CBN governor for his comprehensive report. Though Senate rules do not permit applause, Senator Abiru described the presentation as deserving of commendation.
The update on Nigeria’s external reserves and the assurance of improved economic prospects align with the government’s broader efforts to stabilize the economy and enhance the country’s fiscal resilience.
