The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s net foreign exchange reserves have increased from about $3 billion at the beginning of the current economic reforms to approximately $40 billion, reflecting improved external liquidity and growing investor confidence.
Speaking at the BusinessDay CEO Forum in Lagos on Thursday, Cardoso said the country’s gross external reserves had also climbed to about $52 billion as of Wednesday.
According to him, the increase in net reserves demonstrates the impact of reforms introduced to restore stability in the foreign exchange market and strengthen confidence in the Nigerian economy.
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Recalling the challenges faced at the beginning of the reform programme, Cardoso said Nigeria’s net reserves stood at just over $3 billion, a figure that attracted significant market attention at the time.
He explained that the current reserve position reflects the progress made in improving transparency, rebuilding confidence and strengthening the country’s external position.
The CBN governor stressed that macroeconomic stability should serve as a platform for attracting investment, stimulating business growth and creating economic opportunities.
He urged Nigerian business leaders to take advantage of the improving economic environment by expanding investments and contributing to the country’s next phase of growth.
Cardoso expressed optimism that the reforms would continue to encourage greater domestic and foreign investment while supporting long-term economic stability.
The CBN has maintained that its ongoing monetary and foreign exchange reforms are aimed at improving market efficiency, rebuilding reserves and restoring confidence in Nigeria’s financial system.
