The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s net foreign exchange reserves have risen from about $3 billion at the start of the current economic reforms to approximately $40 billion, reflecting improved external liquidity and growing investor confidence.
Cardoso disclosed this at the BusinessDay CEO Forum held in Lagos on Thursday, noting that the increase in net reserves was evidence of progress in restoring stability to the foreign exchange market.
He added that Nigeria’s gross external reserves had climbed to about $52 billion as of Wednesday.
“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 the CBN governor, the recovery in net reserves underscores the impact of reforms introduced to restore confidence in the economy and strengthen Nigeria’s external position.
He urged business leaders to leverage the improved macroeconomic environment and position themselves for the next phase of economic growth.
Cardoso stressed that restoring stability was not an end in itself but a platform for attracting investment, stimulating growth and creating prosperity.
The CBN governor’s remarks come as Nigeria continues efforts to rebuild external reserves and improve liquidity in the foreign exchange market following reforms aimed at addressing longstanding distortions in the FX market.
He expressed optimism that the progress achieved so far would encourage businesses and investors to commit more capital to the Nigerian 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 CEOs should be part and parcel of that train that is moving,” Cardoso said.
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