According to Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), the apex bank will begin sharing data on the nation’s net foreign reserves on a regular basis starting in 2025.

At the London Financial Times, FT Africa Summit, Cardos revealed this and said the CBN will employ all available tools to control inflation.

Cardoso told the summit that food inflation was “proving stickier,” even if he anticipated headline inflation to go down in the upcoming months, according to a Reuters story. To solve this, however, the bank was collaborating closely with the government.

Cardoso cited recent trips to Nigeria by Jamie Dimon of JPMorgan and Jane Fraser, the CEO of Citigroup, as evidence that the country is starting to draw “growing and serious interest” from global investors and that Nigeria must not slow down its reform push.

Given that the Nigerian currency is comparatively mild and has increased our economy’s competitiveness, there is now a great deal of interest.

When Tinubu began office, the value of the naira was just a fourth of what it is now, and petrol costs had increased fivefold.

According to Cardoso, the CBN’s efforts to regain investor trust were successful, and there were now “minimal” concerns over restricted access to foreign money as opposed to “before, when only a handful of people could get it.”

“Now that the market is much deeper… and it’s accessible,” he remarked of FX.

Cardoso stated that in order to promote more openness, the central bank will begin periodically disclosing information regarding the net reserves in early 2025. The gross foreign exchange reserves already exceed $40 billion.

Cardoso stated that economic growth may be modest in 2025, according to a World Bank projection of about 3.6%, which is little higher than this year’s forecast of 3.3%.

According to a World Bank estimate of around 3.6% economic growth in 2025—a bit higher than this year’s forecast of 3.3%—Caroso said that economic growth may be moderate.