Nigeria’s External Reserves Hit $52.73bn – CBN

From the $48.88 billion recorded in January, Nigeria’s gross external reserves have climbed to $52.73 billion, marking a 7.9% increase.

This was disclosed by the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso.

The apex bank Chief spoke when he appeared before the Senate Committee on Banking, Insurance, and Other Financial Institutions.

Cardoso attributed the buffer growth to renewed foreign exchange market confidence and strong policy coordination.

Most notably, net external reserves experienced a massive leap—rising over 900% to exceed $40 billion, compared to just $3.99 billion in 2023.

Cardoso highlighted the recent Banking Sector Recapitalisation Programme as a standout milestone.

Launched earlier this year, the exercise mobilized ₦4.65 trillion in fresh capital by March, making it one of the largest fundraising efforts in the nation’s history.

The Senate Committee Chairman Adetokunbo Abiru (APC, Lagos East) commended the apex bank for stabilizing the naira and improving transparency in foreign exchange management. However, he cautioned that bank recapitalization must translate into tangible economic benefits.

“Recapitalisation should not become an end in itself. Ultimately, the true measure of a stronger banking system lies not merely in larger balance sheets, but in its capacity to mobilise savings efficiently and channel affordable credit to productive sectors of the economy,” Senator Abiru stated.

Abiru expressed concern over reports showing a slowdown in private sector credit despite the record capital raised.

He urged the CBN to ensure that critical sectors—including agriculture, manufacturing, infrastructure, technology, and SMEs—receive necessary funding support.

Following the public presentations, the committee transitioned into an executive session to further engage the CBN management team behind closed doors.