The Central Bank of Nigeria has announced that the country’s gross external reserves have surpassed the $50bn mark, reaching their highest level in over 13 years.
Governor Olayemi Cardoso disclosed this milestone on Thursday while delivering the Distinguished Alumni Lecture at St. Gregory’s College, Lagos, in commemoration of the institution’s Founders’ Day.
Addressing a distinguished audience of alumni, staff, and students, Cardoso attributed the impressive growth in reserves to a return to orthodox monetary policy, improved export earnings, and sustained investor confidence in the nation’s economic reforms.
Drawing a parallel between the “strong foundations” taught at St. Gregory’s College and the requirements for a robust national economy, Cardoso emphasised that Nigeria’s recent economic stability is the result of deliberate, disciplined policy choices.
He said, “Stability cannot be restored through short-term fixes alone. It requires a return to fundamentals, disciplined policy, and the rebuilding of strong institutional foundations.”
The governor highlighted several key achievements, noting the elimination of multiple exchange rate systems and the reduction of the parallel market premium from 50 per cent in 2022 to less than two per cent today.
