The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a stern warning to banks found colluding with illegal currency hawkers.
Speaking at the National Assembly complex on Wednesday during a performance index report presentation to the Senate Committee on Banking, Insurance, and Other Financial Institutions, Cardoso emphasized the apex bank’s resolve to curb financial misconduct.
He announced that any bank branch caught collaborating in the illegal distribution of new Naira notes would face a fine of N150 million.
Addressing the state of the economy, Cardoso assured lawmakers that Nigeria’s external reserves, currently estimated at $42.01 billion, are sufficient to finance the importation of goods and services for over nine months.
He highlighted a rise in external reserves from $38.35 billion on September 30, 2024, to $42.01 billion as of December 12, 2024, attributing the growth to increased crude oil earnings, oil-related taxes, and third-party receipts recorded in the third quarter of 2024.
“We maintained a current account surplus and observed remarkable improvements in our trade balance,” Cardoso noted.
“Our external reserves can finance over 9.09 months of imports or 13.91 months under restricted scenarios, far exceeding the international benchmark of three months. This provides a robust buffer against external shocks.”
Looking ahead, Cardoso expressed optimism about the 2025 fiscal year, citing ongoing reforms and stabilization measures.
“Distinguished Senators, despite the challenges facing our economy, there are clear reasons for optimism,” he stated.
“The gradual stabilization of the foreign exchange market, ongoing banking sector recapitalization, and positive growth trends in key sectors, particularly the services sector, indicate a promising path toward recovery and stability.”
Cardoso assured lawmakers that the CBN remains committed to implementing policies that will drive sustained economic growth and financial sector resilience.
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