The Central Bank Governor, Mr. Olayemi Cardoso, has stated that the apex bank will not spare erring banks found to be colluding with illegal hawkers of the nation’s currency.
The CBN made this declaration on Wednesday during the presentation of the performance index report to the Senate Committee on Banking, Insurance, and other Financial Institutions at the National Assembly complex.
Cardoso emphasized that the CBN, under his leadership, would not hesitate to enforce the new policy imposing a fine of N150 million on any branch of a bank caught engaging in the illegal distribution of new Naira notes to currency hawkers and unscrupulous elements.
Speaking on the state of the economy, the apex bank governor declared that the nation’s current external reserves, estimated at $42.01 billion, were sufficient to finance the importation of goods and services for more than nine months.
He noted that external reserves rose from $38.35 billion on September 30, 2024, to $42.01 billion as of December 12, 2024. He attributed this appreciable increase to higher earnings from crude oil sales, crude oil-related taxes, and third-party receipts in Q3 2024.
“We maintained a current account surplus and observed remarkable improvements in our trade balance.
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“Our external reserves level can finance over 9.09 months of imports of goods and services, or 13.91 months under restricted scenarios—significantly higher than the international benchmark of 3.0 months. This provides a robust buffer against shocks,” he said.
He assured lawmakers that Nigeria’s economy would improve in the 2025 fiscal year through policies and measures that have already been implemented.
“Distinguished Senators, as we conclude this briefing, I want to highlight that, despite the challenges facing our economy, there are clear reasons for optimism.
“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability,” Cardoso concluded.
