Speaking at the Nigeria Investors Forum on the sidelines of the IMF–World Bank annual meetings in Washington, D.C., Abdullahi highlighted the milestone, achieved on October 10, as a testament to Nigeria’s ongoing economic reforms.

“Our gross reserves are at a five-year high of $43.4 billion as of October 10, enough to cover 11 months of imports,” Abdullahi said, noting the growth persisted despite clearing FX backlogs. 

He attributed the rise to improved market liquidity and a narrowing exchange rate premium between official and parallel markets, now under 3% compared to over 50% in 2022. 

Abdullahi also pointed to declining inflation, which hit a three-year low of 18.02%, alongside stronger capital inflows and remittances bolstering the balance of payments.

CBN Governor Olayemi Cardoso, also at the forum, credited the reserve increase to enhanced investor confidence and coordinated fiscal-monetary reforms. 

“Nigeria’s focus remains clear: strengthening our fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and growth,” Cardoso said. 

He emphasized that sound macroeconomic policies are driving disinflation and growth, with the CBN and Ministry of Finance working closely to stabilize indicators and restore transparency.