Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has attributed the significant growth in Nigeria’s foreign reserves to the economic reforms introduced by President Bola Tinubu’s administration.
Cardoso stated that the country’s net foreign reserves have risen to about $52 billion, up from approximately $3 billion when the current administration took over.
Speaking on the impact of the reforms, the CBN Governor challenged critics to examine the reserves figure as evidence of progress. He noted that the increase reflects the positive effects of policies such as the unification of exchange rates and other fiscal measures implemented since mid-2023.
“Anybody who wants to argue about what the impact of these reforms have meant, go and look at the reserves figure as of yesterday. We are hovering around $52 billion. When we started, the net reserves figure was in the region of about $3 billion plus,” Cardoso said.
The Governor’s comments come amid ongoing debates about the effects of the reforms on ordinary Nigerians, particularly the rise in the cost of living following the removal of fuel subsidies and exchange rate unification.
Nigeria’s foreign reserves have shown consistent improvement in recent months. The growth has been linked to increased foreign exchange inflows, improved oil production, and better management of the country’s external sector.
The CBN has maintained that a stronger reserve position provides a buffer for the economy and helps stabilize the naira in the foreign exchange market.
Analysts say the current level of reserves is one of the highest recorded in recent years, although some have questioned how much of the figure represents actual liquid assets available for immediate use.
The Tinubu administration has consistently defended its economic policies, arguing that short-term pains are necessary for long-term economic stability and growth. The government has pointed to rising reserves, increased non-oil revenue, and efforts to attract foreign investment as key achievements.
However, opposition figures and economic experts have argued that the benefits of the reforms have not yet translated into improved living standards for most Nigerians.
The CBN Governor’s latest remarks are expected to fuel further discussions on the effectiveness of the ongoing economic reforms.
