CBN Says Inflation Fell to 14.63% as Foreign Reserves Exceed $55 Billion

CBN Governor Olayemi Cardoso says Nigeria must convert improving economic indicators into more jobs, investment and business opportunities for citizens. Speaking after engagements in Singapore, Bangkok and China, Cardoso said the discussions focused on strengthening financial markets, institutional partnerships, trade and investment. He said inflation fell to 14.63% in September from nearly 35% at the end of 2024. Foreign reserves rose above $55 billion, their highest level in 18 years, while banks raised ₦4.65 trillion through recapitalisation, largely from local investors. Cardoso acknowledged that many Nigerians still face economic pressure and said the priority is to sustain the gains while making them meaningful in people’s daily lives.

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