…Assures Nigerians of better economic fortunes 2025
Ignatius Okorocha, Abuja
The Central Bank of Nigeria declared on Wednesday that the $42.01billion external reserves of the country, can finance importation of goods and services for more than nine months.
This is as the apex bank , assured Nigerians of better economic fortunes in 2025 .
The Governor of the apex bank , Mr Olayemi Cardoso made the declaration during performance index report presentation to the Senate Committee on Banking , Insurance and other Financial Institutions.
According to the CBN governor , ” External Reserves rose from $38.35bilion it was on September 30, 2024 , to $42.01billion as of December 12, 2024 .
The increase in external reserves within the stated period , he explained , was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.
” We maintained a current account surplus and saw remarkable improvements in our trade balance .
” Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only , higher than the international benchmark of 3.0 months and a robust buffer against shocks “, he said .
On cash shortage , the CBN boss , reiterated application of new policy of N150million fine against any branch of Banks caught indulging in illegal distribution of new Naira notes to currency hawkers and unscrupulous elements .
He added that the Nigeria economy will take a better shape in 2025 fiscal year , through policies and measures that had been put on ground .
” Disntinguished Senators , as we lconclude this briefing , I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism .
” The gradual stabilization of the forex market , ongoing banking sector recapitalization , positive growth trends in key sectors , especially the services sector , indicate a path toward recovery and stability “, he said .
Apparently impressed with his presentation , the Chairman of the Committee , Senator Adetokunbo Abiru ( APC Lagos East ) , said he deserved a round of applause which however , not allowed in the Senate .
