Nigeria’s net foreign exchange (FX) reserves have recorded a remarkable increase of more than 1,200 percent, rising from about $3 billion to nearly $40 billion since the introduction of key economic reforms, according to Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. The development marks one of the most significant improvements in the country’s external financial position in recent years and signals growing confidence in Nigeria’s economic outlook.
Speaking at the 2026 BusinessDay CEO Forum held in Lagos, Cardoso revealed that the country’s gross external reserves have also climbed to approximately $52 billion. He noted that when the current reform agenda began, Nigeria’s net reserves stood at a worrying $3 billion, a figure that attracted global attention and raised concerns about the nation’s ability to withstand external economic shocks.
The CBN governor credited the dramatic turnaround to a series of policy reforms aimed at restoring stability in the foreign exchange market, improving liquidity, and rebuilding investor trust. According to him, the measures have helped address long-standing challenges, including severe FX shortages and the wide gap that previously existed between official and parallel market exchange rates.
Cardoso stressed that while the progress achieved so far is encouraging, macroeconomic stability should be viewed as a foundation for future growth rather than an end goal. He urged business leaders and investors to take advantage of the more stable economic environment by expanding operations, investing in productive sectors, and creating employment opportunities that can drive long-term national development.
The sharp rise in Nigeria’s net FX reserves comes as the apex bank intensifies efforts to deepen liquidity in the foreign exchange market and eliminate distortions that characterized the previous exchange rate system. Analysts say the improved reserve position could strengthen investor confidence further, enhance economic resilience, and provide a stronger buffer against global financial uncertainties.
source: The guardian
