Highest in 13 Years: CBN Announces New Reserves Growth Amid Naira Gain
- Nigeria's external reserves surpass $50 billion for the first time in 13 years
- CBN reforms narrow exchange rate premiums and boost investor confidence significantly
- Governor Cardoso advises students to embrace multidisciplinary skills for future job markets
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s gross external reserves have climbed above the $50 billion mark, the highest level recorded in more than 13 years, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso announced the milestone on Thursday, March 12, 2026, during the Distinguished Alumni Lecture at St. Gregory’s College in Lagos as part of activities marking the school’s Founders’ Day celebration.
Source: Twitter
The development comes amid a period of improved currency stability, with the naira showing signs of recovery across segments of the foreign exchange market.
Policy reforms driving growth
Cardoso attributed the surge in reserves to deliberate economic reforms, improved export performance, and renewed investor confidence in Nigeria’s economy.
He explained that the return to orthodox monetary policy has played a key role in stabilising the financial system and strengthening the country’s economic outlook.
According to him, the rebuilding of Nigeria’s economic fundamentals has required disciplined decision-making rather than quick fixes.
“Stability cannot be restored through short-term measures alone,” Cardoso said. “It requires a return to fundamentals, disciplined policy, and the rebuilding of strong institutional foundations.”
The CBN governor also drew a connection between the lessons of strong foundations taught at St. Gregory’s College and the principles needed to build a resilient national economy.
Exchange rate reforms paying off
One of the major reforms highlighted by Cardoso is the elimination of multiple exchange rate systems, a policy that had previously created distortions in the foreign exchange market.
He revealed that the premium between the official exchange rate and the parallel market has narrowed significantly, dropping from around 50 per cent in 2022 to less than two per cent.
The improvement reflects increased transparency in the FX market and stronger confidence among investors and market participants.
At the same time, capital inflows into Nigeria have surged. Cardoso disclosed that investment and capital flows into the country have grown by nearly 200 per cent between 2023 and 2025.
Tight monetary policy measures implemented by the CBN have also contributed to easing inflationary pressures, with inflation reportedly declining from a peak of about 34 per cent to around 15 per cent.
Progress in banking sector recapitalisation
The CBN governor also provided updates on the ongoing banking sector recapitalisation programme aimed at strengthening financial institutions and preparing them to support long-term economic growth.
According to him, 30 banks have already met the new minimum capital requirements set by the regulator.
In total, 33 financial institutions have successfully raised additional capital through equity injections and other financial instruments.
The remaining banks are currently undergoing verification as part of the recapitalisation process.
According to a Punch report, Cardoso stressed that the exercise is more than a regulatory adjustment. Instead, he described it as a strategic effort to ensure that Nigeria’s banking sector is capable of financing large-scale investments needed to drive economic transformation.
Advice to the next generation
Speaking to students of his alma mater, Cardoso encouraged them to adopt a multidisciplinary approach to education and career development, A BusinessDay report said.
He noted that the future job market will increasingly reward individuals who combine creativity, technology, and analytical thinking.
With the rise of artificial intelligence, fintech, and digital platforms reshaping industries globally, the CBN governor urged young Nigerians to remain curious and adaptable.
“The careers of the next twenty or thirty years will reward those who are curious, adaptable, and willing to learn beyond the limits of a single field of study,” he said.
Outlook for Nigeria’s economy
Despite ongoing global economic uncertainties, Cardoso expressed confidence that Nigeria is now better positioned to withstand external shocks.
He noted that with stronger policy foundations and improved financial stability, the country has created the conditions necessary for sustainable long-term growth.
Source: Getty Images
Naira gets massive boost as Nigeria’s reserves hit $48.5bn
Legit.ng earlier reported that Nigeria’s foreign exchange reserves have surged to $48.5 billion, marking their highest level in nearly 13 years and signalling renewed strength in the country’s external position.
Latest figures from the Central Bank of Nigeria (CBN) show that the reserves reached $48.5 billion on Tuesday, February 17, 2026, the strongest level recorded since May 14, 2013, when they stood at about $48.51 billion.
The steady rise reflects sustained momentum in reserve accumulation and growing confidence in ongoing reforms.
Source: Legit.ng
