CBN warns Nigeria's rising reserves at risk from oil prices and pre-election spending
Nigeria's gross external reserves surged to a 13-year high of $50.45 billion in February, providing 9.68 months of import cover. CBN Governor Olayemi Cardoso expressed optimism about reaching 15-year highs but warned oil price volatility, pre-election spending, and fiscal deficits could threaten this progress. The MPC emphasized policy consistency to maintain the upward trajectory while monitoring global risks and election-related expenditures.