Nigeria’s net foreign exchange reserves have risen from about $3 billion at the start of the country’s economic reforms to around $40 billion, reflecting a significant improvement in external liquidity and investor confidence, Olayemi Cardoso, Governor of the Central Bank of Nigeria, has said.
Cardoso disclosed this at the BusinessDay CEO Forum in Lagos, saying the increase in net reserves reflected the progress made in restoring stability to the foreign exchange market.
He said Nigeria’s gross external reserves have risen to about $52 billion as of yesterday.
“When we started, the net exchange reserves figure was in the region of about $3 billion-plus. And if you remember, that was a figure that was published at the time by J.P. Morgan and created a lot of panic in the system,” he said.
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