Nigeria Reserves

Nigeria’s foreign exchange reserves climbed to $49 billion as of February 5, a sixteenfold increase from the $3 billion inherited by the current Central Bank administration when President Bola Tinubu took office in May 2023, CBN Governor Olayemi Cardoso disclosed Monday at a national economic policy conference in Abuja.

Cardoso told participants at the second edition of the National Economic Council conference that the growth represents a 4.93 percent increase from the last reported figure of $46.7 billion, marking what he described as a fundamental turnaround in Nigeria’s external position after years of chronic foreign exchange shortages and market dysfunction.…