Nigeria's net foreign exchange reserves increase to $40 billion, says CBN Governor Cardoso
via Punch Nigeria2 min read
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the country鈥檚 net foreign exchange reserves have risen from approximately $3 billion at the start of economic reforms to about $40 billion. This increase, disclosed at the BusinessDay CEO Forum in Lagos, signifies improved external liquidity and growing investor confidence. Cardoso noted that Nigeria's gross external reserves reached around $52 billion as of Wednesday. He highlighted that the recovery in net reserves demonstrates progress in stabilizing the foreign exchange market and is a result of reforms aimed at restoring economic confidence and strengthening Nigeria's external position. The CBN Governor urged business leaders to capitalize on the improved macroeconomic environment, emphasizing that stability creates a foundation for attracting investment, stimulating growth, and fostering prosperity. He expressed optimism that this progress would encourage greater capital commitment to the Nigerian economy.
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