The Central Financial institution of Nigeria sys Nigeria’s gross exterior reserves elevated by 2.85 per cent to $38.90bn as of Could 16, 2025, in comparison with $37.82bn on the finish of March, representing 7.6 months of import cowl..

This made identified to journalists at a press briefing by the Central Financial institution governor, Mr. Olayemi Cardoso, on the three hundredth MPC assembly held on Tuesday in Abuja

Cardoso mentioned the committee was inspired by the progressive narrowing of the hole between the official and parallel foreign exchange market charges and urged the fiscal authorities to accentuate efforts to develop FX earnings, significantly from oil, fuel, and non-oil exports.

The committee additional acknowledged the advance in Nigeria’s actual GDP, which grew by 3.84 per cent within the fourth quarter of 2024, up from 3.46 per cent within the earlier quarter, pushed by each oil and non-oil sectors, particularly providers.

Nonetheless, Cardoso expressed considerations about declining crude oil costs, which might threaten fiscal revenues.

“The committee expressed considerations in regards to the current decline in crude oil costs, attributable to elevated manufacturing by non-OPEC members in addition to uncertainties related to U.S. commerce coverage, which current new challenges for fiscal receipts and finances implementation,” he mentioned.

The MPC counseled the relative stability within the banking sector and known as on the apex financial institution to maintain efficient oversight amid the continuing recapitalisation train.

“Members reaffirmed their dedication to prioritise insurance policies focused at anchoring inflation expectations and easing alternate charge strain,” the governor mentioned