By SIMON AKOJE

Some experts have commended the Federal Government for raising the external reserves to 49.53 billion dollars, but called for policies to ease the cost-of-living pressures.

The News Agency of Nigeria (NAN) reports that the experts spoke in separate interviews in Lagos on Monday.

Prof. Ndubisi Nwokoma, Department of Economics, Caleb University, lauded the increase, saying it would strengthen Nigeria’s external position.

“This will extend the country’s import cover and support international trade.

“It also ensures stability in the foreign exchange market, as the apex bank can intervene when necessary,” he said.

Nwokoma added that strong reserves are vital for managing inflation, particularly imported inflation in an import-dependent economy.

Also, a former Director at the Central Bank of Nigeria (CBN), Mr Chris Nemedia, underscored the importance of robust reserves.

“Strong reserves help support the local currency and boost investor confidence, especially for foreign portfolio investment,” he said.

He, however, urged the government to complement the gains with measures to address economic pressures.

“The cost-of-living challenges, driven partly by global oil dynamics, continue to affect households.

“The government should consider targeted interventions to ease the burden on citizens,” he said.

Similarly, Mr Sunny Nwosu, Founder of the Independent Shareholders Association of Nigeria, acknowledged the rise in reserves but stressed the need for broader economic impact.

“The improvement in reserves should translate into better living standards for citizens across all income levels,” he said.

He called for targeted interventions in critical sectors and support for workers facing rising transport and living costs.

NAN recalls that Nigeria’s external reserves declined by 499.46 million dollars to 49.53 billion dollars within two weeks, from 50.02 billion dollars.

Data from the Central Bank of Nigeria covering March 11 to March 25, showed a drop of about one per cent over the period.

The figure is below the CBN Governor, Mr Olayemi Cardoso’s projection of 51.04 billion dollars for 2026, announced at the Nigeria Macroeconomic Outlook. (NAN)