Nigeria's FX Reserves Surge to $40 Billion, Says Cardoso

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, announced that the country's net foreign exchange reserves have risen from $3 billion at the start of current economic reforms to approximately $40 billion. This increase is indicative of improvements in external liquidity and growing investor confidence.

Cardoso disclosed this information during the BusinessDay CEO Forum held in Lagos on Thursday. He noted that the rise in net reserves is evidence of progress in restoring stability to the foreign exchange market, with Nigeria's gross external reserves climbing to $52 billion as of Wednesday.

Cardoso emphasized that the recovery of net reserves underscores the impact of reforms aimed at restoring confidence in the economy and strengthening Nigeria's external position. He urged business leaders to leverage the improved macroeconomic environment to position themselves for the next phase of economic growth.

Cardoso expressed optimism about the progress achieved so far and encouraged business and investor commitment to the Nigerian economy.