Nigeria’s net foreign reserves have risen to $46 billion, while gross foreign reserves now stand at an all-time high $55 billion following increased stability in the foreign exchange market.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso revealed this at the Nigeria-Asia Connectivity Dialogue on Thursday, adding that the country’s gross foreign reserves have reached an all-time high of $55 billion.
According to the CBN governor, the combination of stronger external reserves and a more stable FX market is giving investors greater confidence to plan, bring funds into Nigeria and repatriate their investments.
“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves is at US$46 billion. In addition to that, the foreign exchange market is stable. These are the things that give investors confidence. You can plan. You can bring in money and take it out,” he said.
The reserve level is now above the CBN’s earlier projection of about $51.04 billion for the end of 2026.
