Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, says Nigeria’s gross foreign exchange reserves have risen above $55 billion, the highest level recorded in more than 18 years.

Cardoso disclosed this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, attributing the increase to consistent policy implementation and stronger foreign exchange inflows.

He said the reserves had reached $54.8 billion as of September 22, according to CBN data, and had since crossed the $55 billion mark.

The CBN governor also linked the improvement to rising diaspora remittances, noting that monthly inflows were approaching the bank’s target of $1 billion.

According to Cardoso, stronger reserves, improved foreign exchange liquidity and greater exchange-rate stability have enhanced Nigeria’s resilience to external shocks.

He said the CBN would continue to engage Nigerians in the diaspora and encourage greater investment of remittance inflows into the domestic economy.

Cardoso, however, acknowledged that remittance flows could fluctuate depending on external conditions.

The development comes a day after the MPC cut the Monetary Policy Rate by 350 basis points to 23 percent, saying the decision would improve the effectiveness of monetary policy and support Nigeria’s transition to an inflation-targeting framework.