The governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks.
He said that Nigeria’s foreign reserves now exceeded $43 billion, providing for 11 months of import cover.
According to a statement by CBN, this marks a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
DMO says the federal government has made adequate budgetary provisions to meet the country’s foreign and local debt obligations.
Mr Cardoso said the committee was unanimous in recognising that much more was required to actualise the price stability mandate of the CBN.
The extension followed widespread condemnation of the CBN’s recently announced 0.5 per cent cybersecurity levy on electronic transactions.
CBN’s data indicates that overseas remittances rose to $1.3 billion in February, more than four times the $300 million received in January.
“Very Unfortunate that the banks decided to continue screwing this poor country over,” Mr Fasua said.
“The document clearly outlines the bank’s mandates, vision, mission, and core values.’’
It also confirmed the nomination of Emem Usoro, Muhammad Dattijo, Philip Ikeazor and Bala Bello as the bank’s deputy governors.
