Nigeria's net FX reserves jump from $3bn to $40bn

Nigeria's net foreign exchange reserves have risen from about $3 billion at the start of the country's economic reforms to around $40 billion, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said, citing a sharp improvement in external liquidity and investor confidence.

Speaking at the BusinessDay CEO Forum in Lagos, Cardoso said Nigeria's gross external reserves had also climbed to about $52 billion as of the day before his remarks in mid-July 2026. He attributed the recovery in net reserves to reforms undertaken to restore confidence in the economy and strengthen the country's external position.

Contents

01

From panic to stability

02

A 1,233.3% climb

03

A foundation for growth

From panic to stability

Cardoso recalled that when the reforms began, the net reserves figure was in the region of about $3 billion-plus, a number published at the time by J.P. Morgan that he said created a lot of panic in the system.

He said the increase in net reserves reflected progress made in restoring stability to the foreign exchange market. “So, in a nutshell, I do believe that where we are now, we've achieved that hard-earned stability, and with stability comes potential for investment, and with investment comes growth,” he said.

A 1,233.3% climb

The Guardian Nigeria reported that net foreign exchange reserves rose to about $40 billion from roughly $3 billion at the onset of the current economic reforms, a 1,233.3% increase that Cardoso attributed to reforms aimed at restoring stability and investor confidence.

The 2026 BusinessDay CEO Forum was held at Eko Hotel in Lagos. BusinessDay reported the development on July 16, 2026, in an article by Hope Moses-Ashike, while The Guardian's account by Isaac Chibuife was published on July 17, 2026.

A foundation for growth

Cardoso urged Nigerian business leaders to take advantage of the improved macroeconomic stability and participate actively in the next phase of the country's economic growth. He said the restoration of stability was not an end in itself but a foundation for increased investment, economic expansion and broader prosperity.

The comments came as Nigeria continues to rebuild its external reserves and improve liquidity in the foreign exchange market.