Nigeria’s external reserves rise to $40b, up by $6 in 2024
Nigeria’s external reserves grew by $6 billion in 2024 and now amount to $40 billion, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has disclosed, attributing the growth to the policy reforms undertaken by his leadership of the bank.
Despite the obstacles faced during the year, he recounted, the CBN implemented reforms that stabilised the national macroeconomic environment and restored trust.
According to him, by engaging transparently with stakeholders – from local communities to international partners – the CBN under him bolstered Nigeria’s credibility at the global level while addressing the nation’s unique challenges.
The efforts Cardoso brags about include clearing verified foreign exchange (FX) commitments, which amounted to $7 billion, discontinuing CBN quasi-fiscal interventions, and unifying multiple exchange rate windows.
He said the CBN also introduced innovative policies and reforms across a range of areas: from the FX market and remittances to financial inclusion, diaspora engagement, compliance, private sector growth and more.
“We also prioritised increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors,” Cardoso disclosed in a series of tweets on his X handle.
“As a result of these policies and reforms, foreign capital imported into the country rose by over $6 billion in 2024 and Nigeria’s external reserves have risen to over $40 billion reflecting the growing confidence in our economy.”
He enthused that the CBN will build on that momentum this year, implementing sound monetary policies to safeguard economic future, strengthening regulatory frameworks to inspire stability and confidence, and advancing initiatives that drive prosperity for all.
The past year was a defining period of transformation marked by bold decisions, collective resilience, and measurable progress, he said.
Leading up to the appointment of the new leadership, he added, Nigeria faced unprecedented challenges, including rapidly accelerating inflation, multiple exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that undermined market confidence.
Cardoso reaffirmed unwavering CBN commitment to building a resilient and prosperous economy.
“Our focus remains steadfast on three key pillars: price stability, financial system resilience and inclusive growth.”
He reiterated that the CBN is also committed to driving sustainable and inclusive 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.”
– Leadership.
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