Nigeria’s gross external reserves have increased to $52.73 billion, up from $48.88 billion recorded in January, reflecting a 7.9 per cent growth, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Cardoso disclosed the figures while briefing the Senate Committee on Banking, Insurance and Other Financial Institutions during an oversight session on the bank’s recent policy measures.
He attributed the improvement in the country’s external reserves to stronger confidence in the foreign exchange market and better coordination of economic policies.
The CBN governor also revealed that net external reserves had recorded a dramatic increase, climbing from $3.99 billion in 2023 to more than $40 billion, representing a rise of over 900 per cent.
Cardoso further highlighted the Banking Sector Recapitalisation Programme as one of the apex bank’s major achievements in 2026. According to him, the exercise, launched earlier this year, attracted ₦4.65 trillion in fresh capital by March, making it one of the biggest fundraising exercises ever undertaken by Nigeria’s banking industry.
Chairman of the Senate Committee, Senator Adetokunbo Abiru, praised the CBN for measures that have helped steady the naira and improve transparency in the foreign exchange market.
However, he stressed that the success of the recapitalisation exercise should be judged by its impact on the wider economy rather than the amount of capital raised.
“Recapitalisation should not become an end in itself. Ultimately, the true measure of a stronger banking system lies not merely in larger balance sheets, but in its capacity to mobilise savings efficiently and channel affordable credit to productive sectors of the economy,” Senator Abiru stated.
The lawmaker also expressed concern over reports indicating that private sector lending has slowed despite the substantial capital injection into the banking industry.
He urged the apex bank to ensure adequate financing for key sectors of the economy, including agriculture, manufacturing, infrastructure, technology and small and medium-sized enterprises (SMEs).
Following the public hearing, members of the committee held a closed-door executive session with the CBN management to continue discussions on the bank’s operations and policy direction.
