CBN Governor Cardoso reveals Nigeria’s foreign reserves hit $55bn, best in 18 years
The Central Bank of Nigeria, CBN Governor, Olayemi Cardoso, said the country’s foreign reserves, which have hit $55 billion, are in the best position in 18 years. He made this disclosure while briefing journalists at the end of the apex bank’s 307th Monetary Policy Committee, MPC meeting in Abuja. According to him, efforts by the […] CBN Governor Cardoso reveals Nigeria’s foreign reserves hit…
CBN Governor Olayemi Cardoso announced that Nigeria's foreign reserves have reached $55 billion, marking the highest level in 18 years. He disclosed this information during a briefing for journalists following the Central Bank of Nigeria's 307th Monetary Policy Committee meeting in Abuja. Cardoso attributed the strengthening of the foreign reserves to the efforts of the Central Bank.
He emphasized that the stability of Nigeria's foreign exchange market is one of the bank's significant achievements, stating that it is his proudest moment. He noted that the market's stability allows for better planning and projection, and the external position of the country has improved significantly over the past 18 years. The CBN reduced the interest rate from 26.5 percent to 23 percent after the 307th MPC meeting.
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