The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the nation’s ongoing economic reforms are showing tangible results, revealing that Nigeria’s external reserves now provide 11 months of import cover.
Speaking in Washington, D.C., at the close of the IMF/World Bank Annual Meetings, Cardoso stated that recent fiscal and monetary measures have placed Nigeria on a trajectory of economic stability, inclusiveness, and innovation-led growth.
He said the Nigerian delegation’s active participation in the meetings reinforced the country’s credibility and commitment to fiscal discipline, earning the confidence of international investors and development partners.
“This has been a forward-looking and positive week for Nigeria,” Cardoso said. “Despite global economic volatility, our engagements reaffirmed that Nigeria is on the right path toward macroeconomic stability, policy consistency, and inclusive development.”
According to the apex bank chief, the results of these reforms are becoming visible across key indicators, including inflation, exchange rate performance, and investor confidence.
He highlighted that headline inflation has declined for six consecutive months, dropping to 18.02% in September from 20.12% in August — the lowest level in three years. Core and food inflation also fell during the same period, aided by tighter monetary policy, exchange rate unification, and improved market transparency.
Cardoso disclosed that Nigeria’s foreign reserves now exceed $43 billion, providing for 11 months of import cover — a key sign of economic resilience.
“The naira continues to strengthen, and the gap between the official and parallel market rates has narrowed to less than two percent,” he said, attributing the stability to rising capital inflows, increased diaspora remittances, and growing investor participation.
He reaffirmed the CBN’s commitment to sustaining reform momentum, boosting investor confidence, and ensuring that Nigeria remains an attractive destination for global investment.
, Yemi Cardoso, says the nation’s ongoing economic reforms are showing tangible results, revealing that Nigeria’s external reserves now provide 11 months of import cover.){kind=link}