Nigeria’s foreign reserves cross $55 billion, highest in over 18 years – Cardoso
Nigeria’s foreign reserves have crossed $55 billion, reaching their highest level in more than 18 years, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. The post Nigeria’s foreign reserves cross $55 billion, highest in over 18 years – Cardoso appeared first on Nairametrics .
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.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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