The Central Bank of Nigeria (CBN) announced plans to start publishing detailed information on the country’s net external reserves beginning in 2025.
Governor Olayemi Cardoso made this announcement at the Financial Times Africa Summit in London, emphasizing the CBN’s commitment to supporting Nigeria’s economic stability through clearer reporting and investor engagement.
During his speech, Cardoso noted that the CBN is prepared to utilize all available resources to address inflation in the country. However, he admitted that while the general inflation rate could see improvement in the coming months, food inflation remains a more difficult challenge.
“Food inflation is proving stickier,” Cardoso stated, reflecting the challenges of stabilizing food prices amid broader economic reforms. The CBN is reportedly working closely with the Nigerian government to find effective solutions for controlling this ongoing issue.
Cardoso also underscored Nigeria’s recent success in attracting international investor interest, pointing to notable visits by high-profile financial leaders such as Citigroup CEO Jane Fraser and JPMorgan Chase’s Jamie Dimon.
He described this development as a positive sign that Nigeria’s economic reforms and currency stabilization efforts are making the country a more appealing destination for foreign investment. “There’s an enormous amount of interest now, recognizing the fact that the Nigerian currency is relatively moderated and has made our economy a lot more competitive,” Cardoso said.
Nigeria’s currency, the naira, has faced significant devaluation challenges, holding only a quarter of its previous value since President Tinubu took office. Additionally, fuel prices have risen sharply, now standing at five times their former levels. Despite these obstacles, Cardoso reassured the public that CBN’s ongoing reforms are already yielding results.
The bank’s efforts to restore foreign investor confidence have led to a more accessible foreign exchange market, reducing complaints about limited access to foreign currency. “Now, the market is a lot deeper… and it (forex) is available,” he affirmed.
Cardoso highlighted that Nigeria’s gross foreign exchange reserves have risen above $40 billion, a promising sign of economic recovery. He confirmed that starting in 2025, the CBN will share regular updates on net external reserves to further increase transparency and reassure both domestic and international stakeholders.
The governor also shared a cautious yet optimistic outlook for Nigeria’s economic growth. Based on World Bank estimates, Nigeria’s economic growth rate may reach around 3.6% in 2025, a slight improvement from the projected 3.3% in 2024. “With the reforms that are being taken right now, it will put Nigeria in a far better position to see the increase on the growth side,” he said.
