Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria’s gross external reserves have risen to $52 billion, while the country’s net foreign exchange (FX) reserves have exceeded $40 billion, attributing the milestone to ongoing economic and foreign exchange reforms.
Cardoso disclosed the figures on Thursday during the BusinessDay CEO Forum in Lagos, describing the development as evidence of improved external liquidity, stronger investor confidence and greater resilience in Nigeria’s foreign exchange market.
According to the CBN governor, Nigeria’s net FX reserves have grown dramatically from about $3 billion at the onset of the current reform programme to more than $40 billion, representing a more than twelvefold increase.
He said the sharp rise reflects deliberate policy measures implemented by the apex bank to improve transparency, restore confidence in the foreign exchange market and strengthen the country’s external buffers.
Cardoso explained that the increase in gross reserves to approximately $52 billion provides Nigeria with a stronger cushion against external shocks and enhances the CBN’s capacity to support exchange rate stability and meet the country’s international obligations.
He noted that the reforms have helped improve liquidity in the foreign exchange market, reduce distortions and attract greater investor participation.
“The improvement in our reserve position demonstrates that disciplined reforms can yield tangible results. It strengthens confidence in the economy and reinforces our ability to manage external risks effectively,” Cardoso said.
The CBN has introduced a series of reforms over the past two years, including liberalising the foreign exchange market, clearing a backlog of verified FX obligations, tightening monetary policy and improving transparency in FX operations. The measures are aimed at stabilising the naira, curbing inflation and encouraging foreign investment.
Analysts say the latest reserve figures signal an improvement in Nigeria’s external position and could bolster investor confidence. However, they note that sustaining the gains will depend on continued reforms, higher oil production, stronger non-oil exports and prudent fiscal management.
The announcement comes as Nigeria continues efforts to rebuild macroeconomic stability amid ongoing economic reforms. The CBN has maintained that strengthening external reserves remains a key priority for safeguarding the economy against global financial and commodity price shocks while supporting long-term growth.
