Nigeria’s foreign-exchange reserves have risen to $55 billion, their strongest level in 18 years, Central Bank of Nigeria Governor Olayemi Cardoso said after the conclusion of the Monetary Policy Committee’s 307th meeting in Abuja. He attributed the improvement to measures implemented by the central bank to reinforce the country’s external position.
Cardoso identified greater stability in the foreign-exchange market as one of the CBN’s most significant accomplishments, calling the shift from severe volatility to a more predictable market his proudest achievement. A steadier currency market, he said, gives businesses and investors greater scope to plan and make projections, while the country’s external position is now materially stronger than it has been for nearly two decades. Following the meeting, the MPC also reduced the benchmark interest rate to 23 percent from 26.5 percent.
