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

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, made this disclosure during a high-level meeting with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Arabian Central Bank (SAMA), on the sidelines of the just-concluded inaugural Conference on Emerging Market Economies in Riyadh.

According to a statement from the CBN on Monday, “Governor Cardoso reported that the country’s foreign reserves had exceeded $40 billion, marking the highest level in nearly three years.”

Cardoso attributed the rise in foreign reserves to key reforms introduced by the apex bank.

These 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, aims to ensure strict adherence to market rules, thereby fostering confidence among investors and market participants.

He also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules. As a result of these measures”, the statement said

At the conference, which was organized 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.

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

He also noted Saudi Arabia’s economic transformation efforts, particularly its investments in environmental sustainability and large-scale economic projects, as areas from which Nigeria could draw inspiration.

In response, Mr. Talal Al-Humond assured Cardoso that the Saudi Arabian Central Bank was open to collaboration with the CBN to achieve mutually beneficial economic objectives.