Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s net foreign reserves have increased from about $3 billion at the beginning of the current economic reform programme, to approximately $40 billion, describing the development as a sign of stronger external liquidity and renewed investor confidence.
Cardoso disclosed this on Thursday, while speaking at the BusinessDay CEO Forum in Lagos, where he highlighted the impact of the apex bank’s ongoing monetary and foreign exchange reforms on the country’s financial position.
He also revealed that Nigeria’s gross external reserves stood at about $52 billion as of Wednesday, reflecting continued improvement in the nation’s external buffers.
Recalling the state of the economy when the reform agenda commenced, the CBN governor said Nigeria’s net reserves had fallen to a critically low level, creating uncertainty within the financial system.
“When we started, the net exchange reserves figure was in the region of about $3 billion-plus. And if you remember, that was a figure that was published at the time by J.P. Morgan and created a lot of panic in the system,” Cardoso said.
According to him, the substantial growth in net reserves demonstrates that recent policy measures have strengthened Nigeria’s foreign exchange position and helped restore confidence among investors.
Cardoso noted that stabilising the economy was only the first step, stressing that the broader objective is to create an environment capable of attracting sustainable investment, supporting private-sector expansion and driving long-term economic growth.
He encouraged Nigerian business leaders to take advantage of the improving macroeconomic environment by investing and positioning their companies to benefit from emerging opportunities.
The CBN governor said the renewed stability in the foreign exchange market provides a stronger foundation for increased capital inflows and improved economic performance.
Read also:
- CBN adds $3.5bn Gold to Nigeria’s Foreign Reserves under domestic purchase programme
- Nigeria’s net, foreign reserves recorded significant improvement in 2025, says Cardoso
- Nigeria’s Foreign Reserves soar to $46.7bn, marking strongest rise in 7 years
His remarks come as the federal government and the CBN continue implementing reforms aimed at rebuilding Nigeria’s external reserves, improving liquidity in the foreign exchange market and addressing structural imbalances that had weakened investor confidence.
Expressing optimism about the country’s economic outlook, Cardoso said the progress achieved so far should encourage both domestic and foreign investors to increase their participation in Nigeria’s economy.
“So, in a nutshell, I do believe that where we are now, we’ve achieved that hard-earned stability, and with stability comes potential for investment, and with investment comes growth, and all our local chief executive officers should be part and parcel of that train that is moving,” he said.
