Nigeria’s Net Foreign Reserves Rise Sharply from $3bn to $40bn
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced a dramatic improvement in the
country’s net foreign exchange reserves, which have risen from approximately $3 billion to $40 billion
since the beginning of the current administration.
Cardoso made the disclosure on Thursday, July 16, 2026, while speaking at a high-level economic
stakeholders’ forum in Abuja.
He described the growth as a significant achievement resulting from improved foreign exchange inflows,
better reserve management, and the impact of ongoing economic reforms.Net FX Reserves increased from around $3 billion in mid-2023 to $40 billion as of mid-July 2026.
The improvement reflects stronger oil revenues, higher non-oil exports, increased diaspora remittances,
and renewed foreign portfolio and direct investments.
Cardoso noted that the stronger reserve position has enhanced the CBN’s ability to intervene in the
foreign exchange market, provide greater stability for the naira, and build confidence among investors.
He emphasised that the CBN remains committed to further building a robust external reserves buffer
through economic diversification, attraction of long-term capital, and prudent fiscal-monetary
coordination with the Federal Government.
Nigeria had faced severe foreign exchange pressures in recent years due to declining oil production,
multiple exchange rate windows, and low investor confidence.
The sharp rise in net reserves is being viewed by analysts as a major turnaround that could help reduce
exchange rate volatility and support broader economic recovery.
The CBN Governor also highlighted complementary reforms such as the unification of exchange rate
windows, improved transparency in the FX market, and efforts to boost local production and exports.
While the increase has been welcomed by economists and the business community, some analysts have
called for sustained reforms to ensure the gains are not eroded.
The CBN has not released a full breakdown of the reserves components in the latest statement, but
officials described the $40 billion figure as the net position after accounting for short-term liabilities.
The development is expected to positively influence investor sentiment and future monetary policy
decisions as Nigeria continues to navigate its economic challenges.
This marks one of the most significant improvements in Nigeria’s external reserves position in recent
history.
By Oyinkansola Shittu.
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