FOREX STABILITY, $52.5BN RESERVES SIGNAL NIGERIA’S ECONOMIC RECOVERY – CARDOSO

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said improved foreign exchange stability and the growth of the country’s external reserves to $52.5 billion are signs of Nigeria’s economic recovery.

Cardoso said ongoing reforms in the foreign exchange market have helped improve liquidity, strengthen confidence, and create a more stable environment for businesses and investors.

He noted that the increase in reserves provides Nigeria with a stronger buffer to manage external pressures, support economic activities, and meet international financial obligations.

Economic analysts said improved FX stability could help reduce uncertainty for businesses, attract investment, and support better planning across key sectors of the economy.

However, experts stressed that sustaining the recovery will require continued policy consistency, stronger export performance, improved productivity, and measures to control inflation.

The CBN governor reaffirmed the apex bank’s commitment to implementing reforms that promote price stability, strengthen the naira, and support long-term economic growth.