Nigeria's Net FX Reserves Jump to $40bn on Reforms, CBN Governor Says

ABUJA, Nigeria — Nigeria's net foreign exchange reserves have jumped to about $40 billion following exchange-rate and monetary reforms, Central Bank of Nigeria Governor Olayemi Cardoso said, BusinessDay reported Thursday.

The $40 billion figure reflects the central bank's "net" reserves — funds available after deducting short-term obligations such as swap lines and forward contracts — rather than gross holdings. Cardoso attributed the increase to the administration's reform agenda, including the 2023 unification of the official and parallel exchange rates and tighter monetary policy through 2025 and 2026.

Gross external reserves, a broader measure, stood near $52 billion earlier this month, MarketForces Africa reported, implying a net position broadly consistent with the CBN governor's estimate. The naira has steadied against the dollar in 2026 after a volatile devaluation cycle across 2023–2024, according to the same reporting.

CBN officials did not immediately publish a disaggregated breakdown of the net figure, and the estimate has not been independently audited. Analysts caution that net reserves remain sensitive to global oil prices and dollar-liquidity conditions.

The rebound strengthens the government's argument that its FX overhaul is stabilising the economy, though external creditors continue to monitor debt-service coverage.

## Why the $40bn Nigeria net FX reserves figure matters

The reserves recovery underpins the naira and supports import cover, with direct implications for inflation, fuel pricing, and investor confidence across Africa's largest economy. It also improves Nigeria's standing with the IMF and multilateral lenders tracking external vulnerability.

**Global/Local angle:** A stronger net reserve buffer reduces Nigeria's external financing risk and eases pressure on the naira, with spillover effects for regional trade and remittance flows within West Africa.

Source: BusinessDay, July 16, 2026.

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