Nigeria net reserves rise to $40bn
Analysis based on 7 articles · First reported Jul 16, 2026 · Last updated Jul 17, 2026
The sharp increase in Nigeria's net reserves signals restored investor confidence and improved external liquidity, which could attract foreign investment and support the naira. However, the central bank's cautious stance on interest rates amid global inflation may temper short-term market enthusiasm.
Nigeria — Central Bank of Nigeria Governor Yemi Cardoso announced at the Business Day CEO Forum in Lagos on July 16, 2026, that Nigeria's net foreign exchange reserves have risen from about $3 billion at the start of economic reforms in October 2023 to approximately $40 billion, while gross external reserves reached about $52 billion. The increase reflects improved external liquidity and investor confidence following reforms to stabilize the foreign exchange market, collapse multiple exchange rate windows, and boost diaspora remittances. Cardoso also noted that formal diaspora remittances have tripled from $200 million to $600 million per month, with a target of $1 billion by end of 2026. He defended the Monetary Policy Committee's decision to hold interest rates steady despite market expectations of a cut, citing external shocks from the Middle East conflict. Finance Minister Taiwo Oyedele announced plans to publish indicators tracking poverty, incomes, and inequality to assess shared prosperity.
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