The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says that the $42.01 billion external reserves of Nigeria can finance importation of goods and services for over nine months.

 Speaking during the presentation of the performance index report before the Senate Committee on Banking, Insurance and other Financial Institutions, Cardoso assured Nigerians of better economic fortunes in 2025.

 Cardoso explained that the country’s external reserves rose from $38.35 bilion on September 30, 2024 to $42.01billion as of December 12, 2024 and that the increase was driven largely by receipts from crude oil related taxes and third party receipts in the third quarter of 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.

He, however, assured Nigerians of a brighter future for the economy and that despite the challenges facing Nigerian 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,” the report by Vanguard newspaper quoted Mr. Cardoso as saying.

 GIK/APA