The Digest:
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has stated that the $1.37 billion drop in Nigeria's external reserves over six weeks is normal and not a cause for concern. Speaking at a press briefing in Washington, DC, Cardoso said reserves remain well above IMF minimum recommendations. The reserves fell from a 17-year high of $50.02 billion on March 11 to $48.64 billion as of April 16. Cardoso also targeted $1 billion monthly diaspora remittances by the end of 2026.
Key Points:
- Nigeria's reserves remain at $48.64 billion, still above IMF thresholds.
- Cardoso says the FX market is now market-driven with more liquidity.
- Average daily FX turnover stands at $500 million without CBN intervention.
- Diaspora remittances are currently at $600 million monthly, target is $1 billion.
- Fitch Ratings projects reserves will drop to $47 billion by year-end.
Sources: The Cable, Vanguard
