Nigeria, Feb. 24 -- The Central Bank of Nigeria (CBN) has stated that the recent surge in the country's gross external reserves may be at risk from oil price shocks and increased pre-election spending.

The CBN governor, Olayemi Cardoso, issued the warning while addressing the media on the outcome of the Monetary Policy Committee (MPC) 304th meeting held on Tuesday in Abuja.

He stated that Nigeria's gross external reserves rose to a 13-year high of $50.45 billion in February, strengthening confidence in the country's foreign exchange position.

According to him, the current reserve level is sufficient to cover approximately 9.68 months of imports, highlighting the improvement in the nation's external buffers.

He expressed optimism that ...