Nigeria’s foreign reserves have surged to over $46 billion, marking the highest level since 2018, according to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso.

Cardoso, represented by the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Abdullahi, revealed the development at the opening of the Monetary Policy Department’s 20th anniversary colloquium held at the CBN headquarters in Abuja.

Dr. Abdullahi noted that the reserves, now strong enough to cover more than 10 months of imports, reflect improved macroeconomic stability and renewed investor confidence.

He added that lending rates are expected to decline in the coming months as inflation continues to moderate, raising hopes for increased access to credit and stronger investment inflows.

CBN data showed that the naira weakened marginally by 0.4 per cent on Monday, trading at N1,448.03 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared to N1,442.43 last Friday.

In the parallel market, however, the naira appreciated slightly, gaining N2 to close at N1,455 on Monday, up from N1,457 recorded on Friday.