Nigeria external reserves have increased to approximately $52 billion, while the country’s net external reserves have surpassed $40 billion, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Cardoso attributed the improvement to ongoing monetary and foreign exchange reforms, saying the measures have restored investor confidence and strengthened the nation’s financial position. Speaking during a fireside discussion with BusinessDay Chief Executive Officer, Frank Aigbogun, the CBN governor said one of the most notable achievements of the reforms has been the transformation of Nigeria’s foreign exchange market.
According to him, the country has moved away from an exchange rate system characterised by uncertainty and multiple windows to a more unified and transparent market. Cardoso said Nigeria external reserves now stand at about $52 billion, compared with significantly lower net reserve levels when the current CBN leadership assumed office.
“The numbers speak for themselves. We were hovering around $52 billion in reserves. When we started, net reserves were around $3 billion. Today, they are in the $40 billion range,” he said.
He described the progress as the result of a major policy shift at the Central Bank, noting that the reforms required persistence but have begun delivering measurable outcomes.
The CBN governor also revealed that Nigeria is attracting increasing attention from international investors, adding that several investment discussions have already progressed into actual commitments due to the improved stability in the economy. He urged Nigerian business leaders to take advantage of emerging opportunities instead of waiting until foreign investors dominate the market.
Cardoso also addressed concerns about banks’ preference for investing in government securities rather than extending credit to businesses. While acknowledging that such investments may be attractive in the short term, he expressed confidence that the trend would change as economic conditions improve. He explained that the ongoing banking recapitalisation programme was designed to strengthen the resilience of financial institutions, enabling them to withstand future economic shocks while expanding lending capacity.
According to him, stronger bank capital, supported by continuous regulatory oversight, will position financial institutions to provide greater support to private businesses, including small and medium-sized enterprises. Cardoso added that as inflation and interest rates gradually moderate, banks will be better placed to finance productive sectors of the economy, supporting Nigeria’s next phase of economic growth.
