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Oluwafemi Awodele
1 week ago
Overview
$42.01 Billion Reserves Can Finance Importation For Nine Months - CBN
The Central Bank of Nigeria (CBN) yesterday said the country’s $42.01 billion external reserves could finance importation of goods and services for more than nine months in 2025.
This was as the apex bank, assured Nigerians of better economic fortunes in 2025.
The Governor of the CBN, Mr. Olayemi Cardoso stated this during a performance index report presentation to the Senate Committee on Banking, Insurance and other Financial Institutions.
Cardoso made the remarks just as the CBN introduced policy interventions to enhance the use of electronic payment channels for agency banking operations in the country.
The move also seeks to boost ongoing efforts by the apex bank to advance a cash-less economy, and address identified challenges, combat fraud and establish uniform operational standards across the industry.
The new policy review was conveyed in a circular dated December 17, 2024, and signed by Oladimeji Yisa Taiwo for the CBN Director, Payments System Management Department, which addressed to all Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators and Super-Agents.