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Nigeria’s gross external reserves have exceeded the $50 billion mark, reaching their highest level in more than 13 years, according to the Central Bank of Nigeria (CBN).
The milestone was announced by Olayemi Cardoso, Governor of the CBN, while delivering the Distinguished Alumni Lecture at St. Gregory’s College Lagos during the school’s Founders’ Day celebration.
Speaking to alumni, staff, and students, Cardoso attributed the growth in Nigeria’s external reserves to the restoration of orthodox monetary policies, stronger export earnings, and increasing investor confidence in the country’s ongoing economic reforms.
Drawing a connection between the “strong foundations” instilled by the institution and the principles required for economic stability, the CBN governor said Nigeria’s recent progress reflects deliberate and disciplined policy decisions.
“Stability cannot be restored through short-term fixes alone. It requires a return to fundamentals, disciplined policy, and the rebuilding of strong institutional foundations,” he said.
Cardoso highlighted several key policy achievements, including the elimination of Nigeria’s multiple exchange rate systems and a sharp decline in the parallel market premium—from about 50 percent in 2022 to less than two percent currently.
He also noted that capital inflows and investment into Nigeria grew by nearly 200 percent between 2023 and 2025, supported by tighter monetary policy measures aimed at stabilising the economy.
According to the governor, these measures have also contributed to moderating inflation, which has fallen from a peak of about 34 percent to roughly 15 percent.
Cardoso further provided updates on the ongoing banking sector recapitalisation programme, confirming that 30 banks have already met the new minimum capital requirements introduced by the CBN.
In total, 33 financial institutions have successfully raised additional capital through various funding channels, while the remaining banks are currently undergoing routine regulatory verification.
“This initiative is more than a regulatory adjustment,” Cardoso said. “It is a strategic reform designed to ensure that Nigeria’s banking sector is strong enough to support the scale of investment needed for the country’s economic transformation.”
Addressing students during the lecture, the CBN governor encouraged them to adopt a multidisciplinary approach to their future careers, particularly in a world increasingly shaped by emerging technologies such as artificial intelligence, financial technology, and digital platforms.
“The careers of the next twenty or thirty years will reward those who are curious, adaptable, and willing to learn beyond the limits of a single field of study,” he said.
Despite ongoing global economic uncertainties, Cardoso expressed confidence in Nigeria’s outlook, noting that the country’s strengthened economic foundations position it better to withstand external shocks and sustain long-term growth.
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