NewStats: 3,264,156 , 8,182,817 topics. Date: Monday, 09 June 2025 at 10:51 PM 2k5qq

Nigeria’s foreign reserves sured the $40 billion mark for the first time in three years, marking a significant milestone in economic recovery efforts.

Central Bank Governor Olayemi Cardoso attributed the rise to key reforms.

He spoke during a meeting with the Assistant Governor for Monetary Affairs at the Saudi Arabian Central Bank (SAMA), Talal Al-Humond, on the sidelines of the inaugural Conference on Emerging Market Economies in Riyadh.

A statement by CBN said the reserves were at their highest in nearly three years.

The reforms include the adoption of an electronic matching system to enhance transparency in the foreign exchange market and the introduction of a foreign exchange code of ethics.

The code, which all Nigerian banks have signed onto, ensures strict adherence to market rules, fostering confidence among investors and market participants.

At the conference organised by the Saudi Ministry of Finance and the International Monetary Fund (IMF) Regional Office, Cardoso advocated for stronger economic ties between Nigeria and the Middle East.

He noted that Nigeria could learn valuable lessons from Saudi Arabia’s approach to infrastructural development, economic diversification, and tourism investment.

As part of efforts to boost Nigeria’s economic position, the CBN governor reaffirmed his commitment to working closely with the Nigerian diaspora community in the Middle East.

He stressed that increased remittance flows from Nigerians abroad would play a crucial role in strengthening the country’s financial sector.
Cardoso said:

“The CBN will continue implementing policies that enhance macroeconomic stability, promote private sector growth, and create high-quality jobs.”

During a discussion moderated by Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, Cardoso addressed critical reforms in Nigeria’s financial markets.

He highlighted that Nigeria had previously experienced a significant gap—sometimes as wide as 60 per cent—between the official and parallel market exchange rates.

However, he noted that due to consistent policy direction, improved market confidence, and greater transparency in forex trading, the exchange rate gap has now narrowed to approximately 4-5 per cent.

Cardoso acknowledged that Nigeria faced severe economic challenges, including capital flight, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions.

These issues eroded investor confidence and created instability in the financial markets.
Upon assuming office, Cardoso prioritised clearing the backlog of outstanding transactions and reinforcing Nigeria’s commitment to economic stability.

To curb inflation and ensure macroeconomic discipline, the CBN adopted a tight monetary policy stance, raising interest rates by 850 basis points over the past year.

The bank also moved away from quasi-fiscal interventions, which had previously distorted the economy, and instead embraced a more orthodox monetary policy framework.

He said petrol subsidy, along with inefficiencies in the forex market, had cost the country approximately six per cent of its Gross Domestic Product (GDP) annually.

To strengthen Nigeria’s financial system, the CBN mandated that banks increase their capital base to build resilience against future economic shocks.

Cardoso said the recapitalisation effort has yielded positive results, ensuring that the banking sector remains robust and capable of ing the country’s economic growth.

Addressing Nigeria’s financial inclusion rate, which currently stands at 74 per cent, Cardoso stressed the need for aggressive expansion to ensure that economic growth benefits all Nigerians, particularly those in underserved communities.

The CBN governor pointed to digitalisation as a crucial tool for financial inclusion, noting that expanding mobile money services and leveraging technology—especially for gender-focused initiatives—could significantly close the financial access gap.

According to him, Nigeria’s monetary policy decisions have been tailored to its unique economic conditions rather than global trends.
He pointed out that while some international financial experts were initially sceptical of Nigeria’s tightening stance, the country’s approach has since been validated, with many analysts now acknowledging its effectiveness.

Al-Humond assured Cardoso that the Saudi Arabian Central Bank was open to collaboration with the CBN to achieve mutually beneficial economic objectives

https://thenationonlineng.net/foreign-reserves-hit-40b-as-cbn-strengthens-forex-market/

Some ignorant folks were jubilating in ignorance that FG had depleted the reserves by $8billion when someone came out to say FG s the naira. Those Illiterate or semi-literates folks do not understand the difference between ing the naira and defending it at a fixed rate. I know they will be shocked that the reserves, rather than depleting, it is growing. For the purpose of educating the ignorant bitter people, there's nothing wrong when Government intervens in the forex market occasionally when there's excess liquidity.
Wailers, continue wailing, we like it like that.



After God, na Tinubu 💪 God bless Nigeria

God bless the Federal Republic of Nigeria.

We heard the true value of the naira is $1 = N1k.

CBN you can do this before the end of the year. But I love the stability, because that will help business forecast well and help the economy.

We are getting there.

Hmm

What is there to celebrate? It was over 40b dollars during Buhari. Tinubu and his incompetent team depilated it to about 30b.

Invest it in Bitcoin please, and cash it out in triple later.

Make dem no move am in one transfer !
Na jus one hour to end of TENURE

This is bad news for Obidients

Tinubu did it with Lagos make lagos one of the largest economy in Africa. Tinubu has the experience to make Nigeria of of the biggest economy in the world. Let all him in 2027 and also his annoited candidate to succed him. Look at the people he annioted to succeed him in Lagos all have done exceedingly well. Tinubu on your mandate we stand



Am freshtruth the speaker of truth

Nigeria get money ooo

PressMyButton:
Some ignorant folks were jubilating in ignorance that FG had depleted the reserves by $8billion when someone came out to say FG s the naira. Those Illiterate or semi-literates folks do not understand the difference between ing the naira and defending it at a fixed rate. I know they will be shocked that the reserves, rather than depleting, it is growing. For the purpose of educating the ignorant bitter people, there's nothing wrong when Government intervens in the forex market occasionally when there's excess liquidity.
Wailers, continue wailing, we like it like that.



After God, na Tinubu 💪 God bless Nigeria

Pls come down to our level. Simply explain

Good to hear.
Let me continue eating my favorite akpu with egunsi soup.

Foreign reserve that couldn't cross 40 billion since the inception of APC regime

LegendHero:
God bless the Federal Republic of Nigeria.

We heard the true value of the naira is $1 = N1k.

CBN you can do this before the end of the year. But I love the stability, because that will help business forecast well and help the economy.

The reason I am beginning to respect Mr Cardoso is for the fact that he was appointed after the President removed fuel subsidy and also floated the naira and everything went up. When he was appointed, he came in from day one under very difficult circumstances. But he quickly got down to work, without making excuses and began to find solutions. Even when there were so much pressures, he has remained focused.

shortIGBOman:
What is there to celebrate? It was over 40b dollars during Buhari. Tinubu and his incompetent team depilated it to about 30b.

You're a liar. Foreign Reserves under Buhari was $35billion

Someone above said he “heard” the true value of Naira is 1k to a dollar.

Another one said there’s difference between ing and defending currency value.

All through PDP 16 years and Buhari’s 8 years, I don’t anytime I heard that phrase. “Naira finding its true value”

BUY DOLLARS OOOOOOOOOOOOOOOOOOOOOOOOOOOO

Dis life is very funny oh... Buhari and tinubu are making Jonathan look like a genius

Bitter souls will not like this. This kind of news gives them heartache.

Those children of hatred who are always looking for negative news to dance and masturbate to just because of election loss while anytime they hear positive news about the country, they suddenly become sad and upset.

Let me tell you, This is no more opposition but the spirit of witchcraft that is dwelling in them when you always wish bad thing happens to your country. They better look for a genuine Man of God to conduct deliverance on them before it becomes a mental issue.

This manhood will favour me and my family

Me too ooooooh 😛 😛 😛

Na wetin i just dey like this

merits:
Good to hear.
Let me continue eating my favorite akpu with egunsi soup.

KaptainAfrika:
BUY DOLLARS OOOOOOOOOOOOOOOOOOOOOOOOOOOO

And buy handkerchiefs

Wailers/obidients right now, 😆😂🤣

Sheuns:


Someone above said he “heard” the true value of Naira is 1k to a dollar.

Another one said there’s difference between ing and defending currency value.

All through PDP 16 years and Buhari’s 8 years, I don’t anytime I heard that phrase. “Naira finding its true value”

It will never find its true value back then because the Government was using about $1.5billion every month to keep the dollar at a fixed rate.

99.999999% believe that foreign reserves are savings

They are wrong.

The word RESERVES do not indicate savings AT ALL

Also the reserves DO NOT belong to the Federal Government

They are NOT government funds


If you did not know these then really whenever you hear FOREIGN RESERVES you must be silent

JAGABAN. The god of Politics and Strategy. Tinubunomics!!!

But let the masses feel it, it not, then it is just nonsense

If i rule this country in the end of my second tenure if i no loot 3billion dollar commot for our reserve make i kw werin cause am.


My fore fathers wey rule thief
My grand fathers thief
My father thief

Whom am i not to thief let my children make that difference not me

PressMyButton:


https://thenationonlineng.net/foreign-reserves-hit-40b-as-cbn-strengthens-forex-market/

I've highly skeptical about headlines like this but if truly legit, then congratulations Nigerians and good job Cardoso.

aribisala0:
99.999999% believe that foreign reserves are savings

They are wrong.

The word RESERVES do not indicate savings AT ALL

Also the reserves DO NOT belong to the Federal Government

They are NOT government funds


If you did not know these then really whenever you hear FOREIGN RESERVES you must be silent

True.

The Economy is only growing on paper, citizens are in severe pains. Frown faces all over town, our purchasing power have been crippled already. Small Uber corolla is now 9/9.5 m yet some foolish ones will still vote this government in the next election, the idio.ts in nigeria are more than the wise hence the politicians will keep playing us fool

EnglandAmaka:

come and me eating.