Boost For Naira as CBN Records $6 Billion External Reserves Growth
- The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria’s external reserves grew in 2024
- Cardoso attributed the growth to CBN’s robust policies and innovative approach to issues
- He stated that the bank implemented good policies that helped to clear $7 billion verified forex claims
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed that Nigeria’s FX reserves increased by $6 billion last year, saying that the growth was due to the policy undertaken by his administration.
He stated that despite the challenges of 2024, the apex implemented robust reforms that established the nation’s macroeconomic environment.
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CBN’s policies boosted Nigeria’s credibility
Cardoso said that by engaging with stakeholders, the bank boosted Nigeria’s credibility on the global stage as it addressed local challenges.
The changes include clearing the verified forex claims by international airlines and other investors, which amounted to $7 billion. The CBN also discontinued the quasi-fiscal interventions, unifying the multiple exchange rate windows and other achievements.
According to Cardoso, CBN introduced innovations and policies in areas such as the FX market and remittances, financial inclusion, diaspora engagement, compliance, and private and private sector growth.
The financial institutions' regulators prioritised investor confidence, boosting the efficiency of the financial markets and introducing innovations across sectors.
CBN clears verified FX claims
Leadership reports that the CBN boss said that FX capital imported into Nigeria increased by $6 billion in 2024 due to the policies and reforms. Nigeria’s external reserves rose to over $40 billion, showing growing confidence in the country’s economy.
Cardoso outlined the bank’s plans for 2025, saying it will build on the momentum and achievements of the past year to implement robust monetary policies to safeguard Nigeria’s economy and enhance regulatory frameworks to drive stability and confidence.
The CBN’s helmsman said 2024 was a defining period of transformation, complete with bold decisions, resilience, and measured progress.
Cardoso sets a new plan for CBN in 2025
Cardoso reaffirmed the bank’s commitment to building a strong and growing economy, stating that the bank’s focus will be strong on three pillars.
He revealed that the CBN is ready to drive sustainability and growth to support Nigeria’s aspiration of achieving a $1 trillion economy.
“Our vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation,” Cardoso said.
Nigeria’s external reserves decline by $320 million in two weeks
Legit.ng earlier reported that Nigeria’s external reserves grew in the past year but have declined sharply due to external debt servicing.
Data from the CBN shows that Nigeria’s external reserves fell by $320 million, a 0.8 decline in two weeks.
As of January 13, 2025, the reserves stood at about $40.56 billion, relative to $40.88 billion on January 2, 2025.
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Source: Legit.ng
