The Central Bank of Nigeria, CBN Governor, Olayemi Cardoso, said the country’s foreign reserves, which have hit $55 billion, are in the best position in 18 years.
He made this disclosure while briefing journalists at the end of the apex bank’s 307th Monetary Policy Committee, MPC meeting in Abuja.
According to him, efforts by the CBN have strengthened the country’s foreign reserves to $55 billion.
Cardoso stressed that one of the achievements of the apex bank is the stability of the country’s foreign exchange market, describing the development as his proudest moment.
“My proud moment, stability from a situation of great volatility to one where the market is stable. You can plan, you can project, the external position is not 5, 10 years, 15 years, it’s 18 years better than it has been. This is a big deal, the numbers speak for themselves,” he said.
DAILY POST reports that the CBN cut the interest rate to 23 percent from 26.5 percent after its 307th MPC meeting.
CBN Governor Cardoso reveals Nigeria’s foreign reserves hit $55bn, best in 18 years