CBN governor says Nigeria’s foreign reserves hit $46.7bn, highest in nearly seven years
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), told the Senate committee on banking, insurance and other financial institutions on Thursday that the country’s foreign reserves have risen to $46.7 billion.
Addressing lawmakers, Cardoso said the current reserves level is the highest recorded in almost seven years and now offers roughly 10.3 months of import cover. He said the improvement signals renewed confidence in the Nigerian economy and greater stability in the foreign exchange market.
The CBN governor noted that the disparity between the official and parallel market exchange rates has narrowed significantly — from over 60 percent a year ago to less than two percent today.
He also reported that the average exchange rate in the Nigerian FX market has strengthened to N1,442.92 per dollar as of November 26, compared to N1,551.08 posted during the first half of the year. According to him, diaspora remittances have jumped by 66.7 percent, rising from about $200 million per month to nearly $600 million in recent months.
Cardoso highlighted progress on outstanding foreign exchange obligations, saying, “Another important outcome was the resolution of the $7 billion of verified FX backlog, restoring credibility and confidence in the Nigerian economy.”
He told the committee that inflation has declined for seven consecutive months, falling to 16.05 percent in October — its lowest rate in three years — while food inflation eased to 13.12 percent.
Cardoso added that real GDP expanded by 3.98 percent in the third quarter of 2025, driven by agricultural output, ICT, real estate, and financial services. Looking ahead, he described the outlook for 2026 as “very positive” and noted that Nigeria has become one of Africa’s most advanced digital payments markets, buoyed by a thriving fintech sector that has produced eight of the continent’s nine unicorns.
Committee chairman Tokunbo Abiru commended the CBN’s monetary policy direction, noting that lawmakers have observed “remarkable macroeconomic improvements” since their last meeting with the bank in July.
“These positive indicators have not gone unnoticed globally,” Abiru said.
“I commend the bank and its leadership for the role played in earning the country favourable ratings from Fitch and S&P Global Ratings, reflecting improved investor sentiment, policy credibility, and macroeconomic stability.”
