Nigeria’s FX reserves hit $40bn, highest in 33 months – Cardoso

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have reached over $40bn, marking their highest level in 33 months.

He made the disclosure during a symposium in Abuja on Thursday, which coincided with the unveiling of the compendium, “Promoting Stability in an Era of Economic Reforms: The Journey So Far”, celebrating the first anniversary of the Bank’s management team.

In his keynote address, Cardoso reflected on the significant milestones achieved under his leadership, stating that the reforms initiated by the Bank had begun to yield positive results.

According to a press statement on Thursday, Cardoso described the past year as one of transformation, despite the challenging economic environment.