Olayemi Cardoso, CBN Governor

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, on Wednesday told the Senate that Nigeria’s external reserves stood at $52.73 billion as of July 9.

In January this year, the reserves stood at $48.88 billion, indicating an increase of 7.9 per cent.

The governor spoke during a session with the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru.

According to him, this reflects positive signs for the Nigerian economy despite external pressures.

He stated, “The restoration of confidence in the foreign exchange market has contributed to stronger external reserve accumulation.

“Gross external reserves increased by 7.9 per cent to $52.73 billion as of July 9, 2026, from $48.88 billion in January 2026, while net external reserves rose by 900 per cent to over $40 billion from $3.99 billion in 2023.”

He said the economy generally showed a positive outlook for the second half of the year despite persistent uncertainties, as inflation was expected to continue its gradual moderation, supported by tight monetary conditions, improved policy coordination, greater exchange rate stability and easing supply-side pressures.

The governor further told the committee that the most significant achievement during the period under review was the N4.65 trillion mobilised through the Banking Sector Recapitalisation Programme in March this year.

He explained, “The programme resulted in the mobilisation of N4.65 trillion in fresh capital, ranking as one of the most successful banking sector capital-raising exercises in Nigeria’s history.

“Notably, 72.55 per cent of the capital raised originated from domestic investors, while 27.45 per cent came from foreign investors, reflecting both strong domestic participation and growing international confidence in Nigeria’s economic prospects.”

Cardoso said 33 banks met the revised capital requirements and improved key financial soundness indicators, while active engagement is ongoing with affected stakeholders to resolve the status of the few non-compliant banks in a manner that safeguards financial stability, protects depositors and ensures regulatory compliance.

The governor added that inflation fell to 15.06 per cent in February 2026, prompting the Monetary Policy Committee (MPC) to reduce the Monetary Policy Rate from 27 per cent to 26.5 per cent, but it rose again to 15.93 per cent in May following external shocks.

Cardoso cited the impact on diaspora remittances through official channels, which he said increased from approximately US$200 million to over US$600 million.

However, he informed senators that the target is to grow remittances to US$1 billion monthly by sustaining the current level of confidence in the Nigerian economy.

Senator Abiru, in his opening remarks, praised the apex bank’s reforms, saying they had helped reduce inflation and improve the dollar-naira exchange rate.

The session later went into a closed-door meeting.
By John Ameh

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