Nigeria’s foreign reserves hit 17-year high at $52.5bn — CBN
According to Sidi Ali, the reforms introduced under Cardoso’s leadership were yielding measurable results, including improved macroeconomic stability, easing inflation and increased confidence in the foreign exchange market.
The CBN spokesperson further stated that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the development as an indication of improved stability in the foreign exchange market.
Speaking at a CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, who delivered the opening remarks of the CBN Governor, Mr Olayemi Cardoso, said the growth reflected improved foreign exchange inflows and increased participation by investors across various asset classes.
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