The Central Bank of Nigeria (CBN) has announced that the country’s gross external reserves have exceeded the $50bn mark, reaching their highest level in more than 13 years.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed this on Thursday while delivering the Distinguished Alumni Lecture at St. Gregory’s College in Lagos during the institution’s Founders’ Day celebration.
Addressing alumni, staff and students, Cardoso said the growth in reserves reflects the impact of recent economic reforms and a return to orthodox monetary policy.
He attributed the improvement to stronger export earnings and sustained investor confidence in the country’s economic direction.
Drawing a comparison between the strong educational foundation provided by St. Gregory’s College and the need for a stable economic framework, the CBN governor said Nigeria’s recent stability is the result of deliberate policy decisions.
“Stability cannot be restored through short-term fixes alone. It requires a return to fundamentals, disciplined policy, and the rebuilding of strong institutional foundations,” Cardoso said.
He highlighted several achievements under the current policy framework, including the elimination of multiple exchange rate systems and a sharp reduction in the parallel market premium.
According to him, the premium between the official and parallel exchange markets has declined from about 50 per cent in 2022 to less than two per cent.
Cardoso also noted that capital and investment inflows into the country increased significantly between 2023 and 2025.
He said the inflows rose by nearly 200 per cent during the period, supported by ongoing reforms and improved investor sentiment.
The governor further explained that tight monetary policy measures have contributed to easing inflationary pressures.
According to him, inflation has declined from a peak of about 34 per cent to around 15 per cent.
Cardoso also provided an update on the ongoing banking sector recapitalisation programme, revealing that 30 banks have already met the new minimum capital requirements set by the Central Bank.
He added that 33 banks have raised additional capital through rights issues, initial public offerings and private placements, while the remaining institutions are undergoing routine verification.
“This initiative is more than a regulatory adjustment,” Cardoso said.
“It is a strategic reform designed to ensure that Nigeria’s banking sector is strong enough to support the scale of investment needed for the country’s economic transformation.”
Speaking to students of his alma mater, Cardoso encouraged them to adopt a multidisciplinary approach to their future careers.
He said the evolving global economy, shaped by artificial intelligence, fintech and digital innovation, will reward individuals who combine creativity with strong analytical skills.
“The careers of the next twenty or thirty years will reward those who are curious, adaptable, and willing to learn beyond the limits of a single field of study,” he said.
Despite global economic uncertainties, the CBN governor expressed optimism about Nigeria’s economic outlook.
He said the structural reforms implemented in recent years have positioned the country to better withstand external shocks while supporting long-term and sustainable economic growth.
