CBN Records $6bn External Reserves Growth

The governor of the Central Bank of Nigeria, Olayemi Cardoso has said the bank’s foreign reserves grew significantly by $6bn in 2024 alone, attributing the growth to the policy reforms undertaken by his administration.

He said despite the obstacles faced during the year, the CBN implemented reforms that stabilised the nation’s 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.

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The efforts he now brags about include clearing the verified FX commitments, which amounted to $7 billion, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.

He said the apex bank 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.

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“We also prioritised increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors,” he said in a series of tweets on his X handle on Thursday.

“As a result of these policies and reforms, foreign capital imported into the country rose by over $6b in 2024 and Nigeria’s external reserves have risen to over $40 billion reflecting the growing confidence in our economy,” Cardoso stated.

This year, he said the CBN will build on that momentum, implementing sound monetary policies to safeguard our economic future, strengthening regulatory frameworks to inspire stability and confidence, and advancing initiatives that drive prosperity for all.

The past year, 2024, was a defining period of transformation marked by bold decisions, collective resilience, and measurable progress. Leading up to the appointment of the new leadership, 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 the Central Bank of Nigeria’s unwavering 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 said.

He adds that the CBN is 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.”