Nigeria’s gross external reserves have increased to $52.73 billion, up from $48.88 billion recorded in January, representing a 7.9 per cent growth, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso disclosed this while appearing before the Senate Committee on Banking, Insurance and Other Financial Institutions, attributing the improvement to renewed confidence in the foreign exchange market and stronger policy coordination.
Cardoso noted that the country’s net external reserves recorded a significant surge, rising by more than 900 per cent to exceed $40 billion, compared to $3.99 billion in 2023. He described the increase as a reflection of the apex bank’s efforts to strengthen Nigeria’s external financial position.
The CBN governor also highlighted the Banking Sector Recapitalisation Programme as a major achievement. Launched earlier this year, the initiative had mobilised ₦4.65 trillion in fresh capital by March, making it one of the largest capital-raising exercises in Nigeria’s banking history.
Reacting to the developments, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru (APC, Lagos East), commended the CBN for improving transparency in foreign exchange management and helping to stabilise the naira.
However, Abiru cautioned that the recapitalisation exercise must produce tangible economic benefits.
“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,” he said.
The senator also expressed concern over reports indicating a slowdown in private-sector credit despite the record capital raised. He urged the CBN to ensure that key sectors of the economy—including agriculture, manufacturing, infrastructure, technology and small and medium-sized enterprises (SMEs)—receive adequate financing to drive sustainable growth.
Following the public session, the committee moved into a closed-door executive meeting with the CBN management for further deliberations.
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