Nigeria's External Reserves Reach $52.73 Billion

The Central Bank of Nigeria (CBN) Governor Olayemi Cardoso announced that Nigeria's external reserves have hit $52.73 billion during his appearance before the Senate Committee on Banking, Insurance, and Other Financial Institutions. Cardoso credited the growth to renewed confidence in the foreign exchange market and effective policy coordination.

Notably, net external reserves surged over 900%, exceeding $40 billion compared to just $3.99 billion in 2023. He highlighted the Banking Sector Recapitalisation Programme, launched earlier this year, which successfully mobilized ₦4.65 trillion in fresh capital by March, marking it as one of the largest fundraising efforts in Nigeria's history.

Senate Committee Chairman Adetokunbo Abiru commended the CBN for stabilizing the naira and enhancing transparency in foreign exchange management. However, he cautioned that the recapitalization must lead to real economic benefits, emphasizing the need for funding support in critical sectors such as agriculture, manufacturing, and technology.

Following the presentations, the committee moved into an executive session for further discussions with the CBN management team.