INFLOWS, FX REFORMS LIFT EXTERNAL RESERVES 58% UNDER CARDOSO

Nigeria’s external reserves have surged by 58% since Olayemi Cardoso assumed office as Governor of the Central Bank of Nigeria (CBN), driven by improved foreign inflows and bold foreign exchange reforms.

The impressive growth reflects renewed investor confidence following the unification of exchange rates, removal of multiple currency windows, and other market-oriented policies implemented by the Cardoso-led CBN. These measures have attracted significant capital inflows, boosted non-oil exports, and enhanced remittances from Nigerians in the diaspora.

According to data from the CBN, the reserves have strengthened substantially, providing a stronger buffer for the naira and macroeconomic stability. Analysts credit the reforms with narrowing the gap between official and parallel market rates, curbing speculative activities, and improving transparency in the FX market.

Stakeholders say the gains underscore the effectiveness of the current monetary policy direction. However, experts caution that sustaining the momentum requires continued fiscal discipline, increased oil production, and diversification of the economy.

The CBN has reiterated its commitment to maintaining adequate reserves to support economic recovery and investor confidence.