Market News

President Bola Tinubu has revealed that Nigeria’s foreign reserves have hit nearly $42 billion this month from negative numbers seen before he assumed office in May 2023.

Tinubu disclosed this during his 2025 budget presentation in the Senate on Wednesday, noting that Nigerians will soon experience positive developments.

Yemi Cardoso, former Central Bank of Nigeria (CBN) governor, had, in early November 2024, said that foreign exchange reserves had surged to over $40 billion, marking their highest level in almost three years.

“The reforms had started to yield positive results, including marked improvements in the FX market and a stabilisation of foreign reserves, which have now surpassed the $ 40 billion mark, the highest in 33 months. “While noting that inflation remained elevated, he said it was on a downward trend, signalling that the reforms were taking hold in restoring market equilibrium and fostering growth,” Cardoso was quoted as saying.

However, Buharis statement appears to suggest that the reserves have risen further, giving filip to the nation’s capacity to respond to emergencies.

Tinubu said the 2025 budget is not another statement, but one that calls for action.

“Our nation faces existential threats from corruption and other threats,” he said, noting that Nigerians must re-write the narrative of the nation, with every leader and every citizen playing their part.

“The time to act is now. The time to support and promote investments in every sector in now.”

Tinubu said the 2025 budget is intended to foster inclusion, growth and promote equitable distribution of income.