Nigeria FX reserves reach $52bn, remittances aim $1bn/month

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced a significant recovery in the nation's foreign exchange reserves and projected a major increase in diaspora remittances, citing the results of recent economic reforms. Speaking at the 14th Annual BusinessDay CEO Forum in Lagos on July 16, 2026, Cardoso stated that Nigeria's gross external reserves have grown to approximately $52 billion, with net reserves rising from about $3 billion to over $40 billion since the reforms began.

Cardoso attributed this improvement to policy changes that have unified the foreign exchange market, eliminating multiple exchange rate windows and improving transparency and liquidity. He described the current regime as providing "free entry and free exit for foreign exchange," which has restored stability and investor confidence. The governor reported seeing "enormous interest from outside Nigeria," with some investments already being made.

A key component of the reserve buildup is the growth in remittances from Nigerians living abroad. Cardoso said inflows have already doubled within a year to more than $600 million monthly and are projected to reach $1 billion per month by the...