CBN's Olayemi Cardoso: $55.1B Reserves Shield Nigerians

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced that Nigeria's foreign exchange reserves, which reached $55.1 billion as of October 13, 2026, serve as a protective buffer against global economic shocks. Speaking at the IMF–World Bank Annual Meetings in Bangkok, Cardoso highlighted the significance of the rising external reserves and exchange rate stability in shielding ordinary Nigerians from external pressures.

He noted that these reserves are the highest in 18 years and argued that without them, Nigerians would face more severe economic challenges. Cardoso also pointed out that the naira has remained relatively stable and appreciated, which benefits the economy.

He emphasized the importance of lower inflation for low-income households and urged Nigerians to recognize the positive developments in the economy. The CBN's external reserves have shown steady growth, increasing from approximately $53.90 billion on September 1 to $55.1 billion by October 13, 2026.