Nigeria’s foreign reserves have risen to $46.7 billion, which is the highest in seven years, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said.

He added that the cash provides over 10 months of import cover.
While the economy is stabilising, Cardoso highlighted that the foreign exchange rate is also stabilising, with the spread between the official and the bureau de change markets narrowing to a historic low, below two per cent.

Speaking at the 20th anniversary of the establishment of the Monetary Policy Department (MPD), Cardoso described the milestone as a pivotal moment for Nigeria’s monetary policy.

Cardoso stated that the last two years have been transformative for the Nigerian economy, following a period he described as “significantly unorthodox monetary policy that just did not work.”
Cardoso added that the steady decline of inflation shows that the impact of tight monetary policy is now transmitting across the economy, with core inflation also beginning to soften.

Cardoso highlighted what he described as “bold reforms and decisive actions” taken in the past two years, stating that they have restored confidence and laid the groundwork for long-term stability.

He also described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major boost, saying it signalled improved financial transparency and compliance with global anti–money laundering standards.

Highlighting the impacts of the department which was created in 2005 by Prof. Charles Soludo, when he was at the helm of affairs at the CBN including introduction of the monetary policy rate (MPR) in 2006, replacing the minimum rediscount rate (MRR); adoption of the interest rate corridor to guide short-term market rates; strengthened analytical frameworks for evidence-based decision-making; improved communication strategies for clearer policy guidance and enhanced coordination with other departments to ensure policy coherence.

Cardoso, who was represented by the Deputy Governor of the Economic Policy Directorate, Muhammad Abdullahi, reminded staff that technical achievements must translate into real improvements in the lives of Nigerians.

“Our ultimate goal is to build an economy that is resilient, competitive, and inclusive. We must continue to innovate, collaborate and uphold the highest standards of professionalism,” he stated.