The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s steadily rising external reserves reflect a more competitive currency, stronger export inflows, and improved remittances driven by ongoing reforms in the foreign exchange market. Cardoso spoke during a press briefing after the Monetary Policy Committee (MPC) meeting in Abuja, where he noted that the country’s reserve position has strengthened with what he described as a healthy import cover supported by structural policy adjustments.
He explained that the buildup of reserves is now more systematic, anchored on transparency and investor confidence. According to him, the reforms undertaken by the apex bank have made Nigeria increasingly attractive to portfolio investors, who are boosting capital inflows. He added that the openness of the FX market continues to assure investors of stability and long-term prospects.
Cardoso highlighted a significant rise in daily FX turnover even without direct CBN participation, a development he described as unprecedented in the country’s financial market history. He said the current willing-buyer willing-seller system, supported by the Electronic Foreign Exchange Matching System (EF-EMS), has created a transparent environment where market participants can clearly see bids and offers, further strengthening confidence in the market.
The CBN governor revealed that Nigeria now records an average of $500 million in daily FX market activity, compared to earlier periods when market operations stalled without CBN intervention. He noted that such dependency is now a thing of the past.
Cardoso confirmed that gross external reserves rose by 9.19 percent, climbing to $46.70 billion on November 14, 2025, from $42.77 billion at the end of September 2025. He added that rate differentials in the FX market have narrowed drastically, improving from 60 percent to about 2 percent, reflecting renewed market stability.
Agnes Ekebuike Editor, Naija247news ✔
Agnes Ekebuike is the Editor of Naija247news.com. A seasoned journalist with expertise in Business, Energy, Politics, and Entertainment, she is known for her in-depth reporting and insightful storytelling. Agnes is passionate about delivering news that informs, empowers, and sparks meaningful dialogue across Nigeria and beyond.
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