Nigeria’s gross external reserves have increased to $52.73 billion, up from $48.88 billion recorded in January, reflecting a 7.9 per cent growth, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Cardoso disclosed the figures while briefing the Senate Committee on Banking, Insurance and Other Financial Institutions during an oversight session on the bank’s recent policy measures.
He attributed the improvement in the country’s external reserves to stronger confidence in the foreign exchange market and better coordination of economic policies.
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The CBN governor also revealed that net external reserves had recorded a dramatic increase, climbing from $3.99 billion in 2023 to more than $40 billion, representing a rise of over 900 per cent.
Cardoso further highlighted the Banking Sector Recapitalisation Programme as one of the apex bank’s major achievements in 2026. According to him, the exercise, launched earlier this year, attracted ₦4.65 trillion in fresh
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