Nigeria’s foreign reserves have climbed to $46.7 billion, the highest level in almost seven years, according to Central Bank of Nigeria (CBN) governor Olayemi Cardoso.
Cardoso disclosed the figures on Thursday during an engagement with the Senate committee on banking, insurance and other financial institutions, saying the reserve position now provides 10.3 months of import cover — a milestone he linked to renewed investor confidence and improved foreign exchange stability.
He told lawmakers that the spread between the official and parallel market exchange rates has narrowed sharply to below 2%, compared to more than 60% a year ago, reflecting what he described as a more orderly FX market.