Olayemi Cardoso, the Governor of the Central Bank of Nigeria, recently announced that the nation’s external reserves have climbed to approximately $52 billion. Additionally, net reserves have now moved past the $40 billion mark. Cardoso credited these financial gains to strategic policy reforms that have successfully revitalized investor confidence and stabilized the foreign exchange market.
During a discussion with BusinessDay CEO Frank Aigbogun, Cardoso noted that the previous instability and fragmented exchange windows have been eliminated. He emphasized that the significant growth from earlier net reserves of roughly $3 billion demonstrates the effectiveness of the current leadership’s approach at the Central Bank.
Addressing the banking sector, Cardoso refuted claims that lenders are ignoring private businesses in favor of government securities. He explained that the ongoing recapitalization process is designed to strengthen the banking system’s resilience. According to the Governor, as these reforms solidify, inflation and interest rates are expected to decline, allowing banks to increase lending to small and medium enterprises. He urged local business leaders to act quickly to capitalize on the new economic climate, warning against the hesitation caused by outdated market perceptions.
