Nigeria’s Foreign Reserves Rise To $34bn

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the bank’s foreign reserves have risen to $34 billion in recent times, pointing to restoration of confidence in the Forex market.

Cardoso also said the central bank will now have zero tolerance for people who flout or fail to comply with its regulatory guidelines, saying that those who fail to obey its guidelines will be severely punished.

“The central bank is moving to a very aggressive regulatory environment. So, tolerance for people who fail to comply will be zero. People will face the consequences of non-compliance,” he said, adding that his administration has resolved to make the market more liquid.

The CBN governor made the remarks on Tuesday during a post-monetary policy committee (MPC) meeting briefing in Abuja.

He said the apex bank has also paid another $400 million to verified and genuine pending Forex requests in a determination to clear all forex backlogs.