Nigeria’s External Reserves Provide 11-Month Import Cover – CBN
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the country’s economic reforms are yielding visible results, saying external reserves now provide 11 months of import cover at the current level.
Cardoso said this on Friday in Washington DC at the end of the Annual Meetings of the IMF/World Bank. He said that the reforms were placing the country on the path to stability, inclusiveness, and innovation-driven growth.
According to him, the country’s active participation in the week-long sessions demonstrated the country’s renewed credibility, fiscal discipline, and reform momentum on the global stage.
He said that the Nigerian delegation’s message of policy consistency and macroeconomic reform had been well received by global investors, development partners, and financial institutions.
“This has been an active and forward-looking week for Nigeria.
“Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction, towards macroeconomic stability, fiscal discipline, and inclusive growth,” he said
The CBN governor said that the engagements reflected a new tone of confidence and constructive partnership. He said that there was a broad recognition that Nigeria’s reforms were delivering results, adding that inflation was moderating.
“The exchange rate stabilized, and investor confidence is returning,” he said. He said that headline inflation fell for the sixth consecutive month in September to 18.02 per cent from 20.12 per cent in August, the lowest in three years.
According to him, core and food inflation also eased during the same period, reflecting the combined effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.
He said that Nigeria’s foreign reserves now exceeded 43 billion dollar, providing for 11 months of import cover. “The naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two per cent.
“These outcomes have been supported by sustained capital inflows, increased diaspora remittances and renewed investor participation across multiple asset classes,’” he said. #Nigeria’s External Reserves Provide 11-Month Import Cover – CBN AXA Mansard Jumps by 12% as Investors Bet on Earnings Outlook
