The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has told the Senate that the country’s external reserves stood at $52.73 billion on July 9, 2026, compared with $48.88 billion recorded in January. He recently had his say in Abuja while appearing before the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East).
According to him, the 7.9 per cent increase in Nigeria’s external reserves reflects stronger reserve accumulation and a positive outlook for the economy.
He added that the restoration of confidence in the foreign exchange market has been a key driver of the growth in the nation’s external reserves.
His words, “Gross external reserves increased by 7.9 percent to $52.73billion as at July 9, 2026, from $48.88billion in January 2026, while net external reserves rose by 900 percent to over $40billion which was $3.99billion in 2023.
The programme resulted in the mobilization of N4.65trillion in fresh capital, ranked as one of the most successful banking sector capital-raising exercises in Nigeria’s history.
Notably, 72.55 percent 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.”
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