The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s external reserves remained robust at $39.4bn.
This figure, he disclosed, is enough to cover importation for 9.6 months for goods and services.
“The external reserves remained robust at US$39.4 billion as of 14th February 2025, translating to an import cover of 9.6 months for goods and services.
“In addition to this, the Balance of Payments has remained strong with a positive current account balance of US$6.06 billion as at the end of the third quarter of 2025, translating to an import cover of 9.6 months for goods and services” he disclosed in the communique issued at the end of the Monetary Policy Committee (MPC) meeting on Thursday, February 20, 2025.
Cardoso noted that recent macroeconomic developments are expected to have a positive impact on price stability in the near to medium term.
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“At this meeting, the Monetary Policy Committee noted with satisfaction, recent macroeconomic developments which are expected to positively impact the price dynamics in the near to medium term. These include the stability in the foreign exchange market with the resultant appreciation of the exchange rate and the moderation in the price of PMS,” Cardoso stated.
Despite the positive outlook, the CBN governor acknowledged that inflationary pressures remain, particularly due to rising food prices. The MPC took note of the recent rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), which adjusted the weight of various items to better reflect current consumption patterns.
“Members, however, were not oblivious of the persisting inflationary pressures, driven largely by food prices. The Committee noted the recent rebasing of the commodity price index (CPI) by the National Bureau of Statistics (NBS), which reviewed the weights of items to reflect current consumption,” he added.
While inflation has been moderating, Cardoso cautioned that this does not mean the country has reached a low inflation level.
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“Nobody should infer that inflation has fallen to that level,” he said, urging stakeholders to remain patient as economic policies continue to take effect.
