The latest decision extends the CBN’s careful policy approach after two consecutive rate cuts since September 2025.
Countries such as Egypt, Kenya, Rwanda, Namibia, and Tanzania have increased or planned gold purchases to diversify from reliance on foreign currencies.
Mr Cardoso said the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
The naira on Monday opened the week with a slight depreciation, trading at N1,448.43 per dollar at the official foreign exchange market.
The naira remained stable against the US dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria.
Market capitalisation closed May 2024 at N56.172 trillion, gaining N15.25 trillion or 37.28 per cent from N40.917 trillion, the stock market opened for trading this year.
The continuous raising of MPC is not helping the economy.
CBN says it has successfully concluded the sale of government securities after issuing $680 million in short-term instruments.
