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Nigeria’s foreign reserves hit $40bn as CBN strengthens forex market

Published

1 year ago

February 18, 2025

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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.

Related Topics:Cardoso Featured Nigeria’s foreign reserves

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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

11 hours ago

July 21, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

20 hours ago

July 21, 2026

OCHEFA

21 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.