Nigeria’s foreign exchange reserves exceeded $4 billion for the first time in almost three years, representing an important milestone in the country’s economic relaxation efforts.
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), disclosed this at a high-ranking meeting with Thalal Al Hammond, Lieutenant Governor for Money at the Central Bank of Saudi Arabia (SAMA). Bystanders at the opening meeting discussed Riad’s emerging economy.
According to a statement from the CBN, Governor Cardoso reported that the country’s foreign exchange reserves exceeded US$40 billion, marking the highest level in nearly three years.
Cardoso attributed the significant reforms introduced by Apex Bank to an increase in foreign exchange reserves. This includes the introduction of electronic matching systems to improve transparency in the Forex market and the introduction of currency code. The code signed by all Nigerian banks aims to ensure strict compliance with market rules and promote trust among investors and market participants.
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Cardoso called for stronger economic ties between Nigeria and the Middle East at a meeting organized by the Saudi Ministry of Finance and the International Monetary Fund (IMF) Regional Office. He pointed out that Nigeria can learn valuable lessons from Saudi approaches to infrastructure development, economic diversification and tourism investment.
As part of an effort to promote Nigeria’s economic status, the CBN Governor confirmed his commitment to working closely with Nigeria’s diaspora community in the Middle East. He emphasized that increasing transfers from overseas Nigerians will play a key role in strengthening the country’s financial sector.
According to Cardoso, CBN will continue to implement guidelines that improve macroeconomic stability, promote private sector growth and create high-quality jobs.
