The Central Bank of Nigeria (CBN) has announced that the country’s external reserves have risen to $42.01 billion as of December 12, 2024, marking a significant increase from $38.35 billion recorded at the end of September 2024.
In a statement, CBN Governor Olayemi Cardoso revealed that the current reserve level is sufficient to finance 9.09 months of imports for both goods and services or 13.91 months for goods alone. This exceeds the international standard of three months’ import cover, providing Nigeria with a strong financial buffer against potential economic shocks.
The increase in reserves has been attributed to higher crude oil-related tax revenues and improved third-party receipts during the third quarter of 2024. Governor Cardoso highlighted that this growth reflects the positive impact of ongoing economic reforms aimed at boosting financial stability and attracting foreign investment.
“This level of reserves demonstrates the effectiveness of our fiscal and monetary policies in fostering economic resilience and stability,” Cardoso stated.
The announcement comes as Nigeria continues to implement strategies to stabilize its economy and manage inflation, with the CBN reiterating its commitment to using all available tools to sustain this trajectory.
