Cardoso, who was represented by Muhammad Abdullahi, deputy
governor, economic policy directorate, spoke at the opening of the monetary
policy department’s 20th anniversary colloquium at the CBN headquarters in
Abuja on Tuesday.

He said it was the first time the country had reached that
level since 2018, noting that the amount could cover more than 10 months of
imports.

Cardoso also said lending rates may fall in the coming
months as inflation continues to ease, boosting prospects for improved credit
access and stronger investment inflows.

Checks on the CBN website showed the level was reached on
November 14.

The development comes as the naira depreciated to N1,448.03
per dollar at the official section of FX market.

Data by the apex bank showed that the naira depreciated to
N1,448.03 on Monday — from N1,442.43 on November 14 at the Nigerian Foreign
Exchange Market (NFEM).

At the parallel market, the naira appreciated, closing at
N1,455 per dollar on Monday as against N1,457/$ on Friday.

One month ago, Abdullahi said the country’s FX reserves
climbed to a five-year high of $43.4 billion.

He said the reserves provided 11 months of import cover.

The growth, he said, came after clearing FX backlogs and
improving liquidity across the market.