FX reforms, oil inflows push reserves above $54bn
Nigeria’s gross external reserves have risen above $54bn under CBN Governor Olayemi Cardoso, driven by FX market reforms and stronger oil inflows. Read More: https://punchng.com/fx-reforms-oil-inflows-push-reserves-above-54bn/
The Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has overseen a significant increase in the country's foreign reserves, which now stand at $54.61 billion as of September 14, 2026. This represents a 30.5% rise from $41.84 billion a year earlier and more than $20.8 billion above the $33.22 billion recorded at the end of December 2023.
The increase in reserves is attributed to a broader foreign currency market overhaul, stronger inflows, and tighter monetary policy implemented by the CBN. The reforms have also brought more dollar transactions into the formal financial system, reducing the reliance on the Central Bank for foreign exchange. However, it is essential to note that the increase in reserves is not solely due to the CBN's efforts, as other factors like oil earnings, non-oil exports, remittances, and foreign investments also play a role.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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