Mohammed Abdullahi, the deputy governor of the Central Bank of Nigeria (CBN) for economic policy, says the country’s foreign exchange (FX) reserves have climbed to a five-year high of $43.4 billion.
Abdullahi spoke at the Nigeria Investors Forum held in Washington, D.C, United States, on the sidelines of the IMF–World Bank annual meetings, where he led discussions on Nigeria’s economic outlook and reform progress.
He said the reserves, which hit the mark on October 10, despite clearing foreign exchange backlogs, provide 11 months of import cover.
“Our gross reserves are at a five-year high of $43.4 billion as of October 10, enough to cover 11 months of imports,” Abdullahi said.
“This growth comes after clearing FX backlogs and improving liquidity across the market.”
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