…Assures Nigerians of better economic fortunes in 2025
By Festus Fifen.
The Central Bank of Nigeria says the current $42.01 billion external reserves of the country, can finance importation of goods and services for more than nine months using the medium to assure Nigerians of better economic fortunes in 2025 .
The CBN Governor Mr Olayemi Cardoso made this known during the performance index report presentation to the Senate Committee on Banking , Insurance and other Financial Institutions in Abuja.
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 .
He attributed the increase in external reserves within the stated period to be largely driven by receipts from crude oil related taxes and third party receipts in Q3 2024.
In his words, ” We maintained a current account surplus and saw remarkable improvements in our trade balance .
” Our external reserves level can finance over 9.09 months 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 ”
On the recent cash shortage , the CBN boss reiterated the application of a new policy of N150 million 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 the ground .
Cardoso added ” Distinguished Senators , as we conclude 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 re capitalization , positive growth trends in key sectors , especially the services sector , indicate a path toward recovery and stability ”
Apparently impressed with his presentation , the Chairman of the Committee , Senator Adetokunbo Abiru ( APC Lagos East ) commended him for a work well done
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