External reserves now $52bn, as net reserves exceed $40bn

•Reforms restore investor confidence

•Bigger banks will drive growth – Cardoso

By Babajide Komolafe

Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, yesterday, said Nigeria’s external reserves have risen to about $52 billion, while net external reserves have exceeded $40 billion.

He attributed the improvements to reforms that have restored investor confidence and also expressed confidence that the ongoing banking recapitalisation would position lenders to drive the country’s next phase of economic growth by increasing lending to the private sector.