Cardoso, made the disclosure yesterday at the opening of the monetary policy department’s 20th anniversary colloquium at the CBN headquarters in Abuja , where he was represented by Muhammad Abdullahi, deputy governor, economic policy directorate.
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.
According to CBN website, 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.
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.
