By Henry Umoru
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, 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.
Speaking on Wednesday in Abuja while appearing before the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), Cardoso said 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 country’s external reserves.
“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.”
