Nigeria’s external reserves have surpassed $50 billion for the first time in 13 years, CBN Governor Olayemi Cardoso says

Nigeria’s gross external reserves have risen above $50 billion, the highest level recorded in more than 13 years.

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Central Bank of Nigeria Governor Olayemi Cardoso announced the milestone on March 12, 2026.

He spoke during a Distinguished Alumni Lecture at St. Gregory’s College in Lagos as part of the school’s Founders’ Day celebration.

The development comes as the naira shows signs of recovery across segments of the foreign exchange market.

Cardoso said the increase in reserves reflects economic reforms, improved export performance and renewed investor confidence.

He explained that a return to orthodox monetary policy has helped stabilise Nigeria’s financial system.

“Stability cannot be restored through short-term measures alone,” he said.

“It requires disciplined policy and strong institutional foundations.”

Cardoso highlighted the removal of multiple exchange rate systems as a major reform in the foreign exchange market.

He said the gap between the official rate and the parallel market has narrowed sharply.

According to him, the premium has dropped from about 50 per cent in 2022 to less than two per cent.

The improvement reflects greater transparency and increased confidence among investors.

Cardoso added that capital inflows into Nigeria have grown by nearly 200 per cent between 2023 and 2025.

Tight monetary policies have also helped ease inflationary pressures.

Inflation has reportedly declined from a peak of about 34 per cent to around 15 per cent.

The CBN governor also provided an update on the banking sector recapitalisation programme.

The exercise aims to strengthen banks and enable them to finance large-scale investments.

Cardoso said 30 banks have already met the new minimum capital requirements set by the regulator.

In total, 33 financial institutions have raised additional capital through equity injections and other instruments.

He added that the remaining banks are undergoing verification as part of the process.

Speaking to students of his alma mater, Cardoso urged them to embrace multidisciplinary learning.

He said future job markets will reward individuals who combine creativity, technology and analytical thinking.

With the rise of artificial intelligence, fintech and digital platforms, he encouraged young Nigerians to remain adaptable.

“The careers of the next twenty or thirty years will reward those who are curious and willing to learn beyond one field,” he said.

Despite global economic uncertainties, Cardoso expressed confidence in Nigeria’s economic outlook.

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He said stronger policy foundations and improved financial stability have positioned the country for long-term growth.