The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria’s $55.1 billion foreign exchange reserves will help protect the economy and ordinary Nigerians from external economic shocks.
Cardoso made the statement at the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, where he highlighted the country’s rising external reserves, relative exchange rate stability and efforts to reduce inflation.
Nigeria’s gross external reserves stood at $55.1 billion as of October 13, 2026, the highest level in 18 years, according to the CBN governor.
He argued that the stronger reserves had improved Nigeria’s capacity to withstand global economic pressures, including those arising from geopolitical conflicts and international tariff disputes.
“What we’ve been able to accomplish in terms of having very robust external reserves, highest in 18 years, is also something that affects the ordinary person,” Cardoso said.
“Without that, a lot of the headwinds that other countries face, we would be facing them, in fact, in a perhaps worse way than they are facing.”
The CBN governor said the reforms and policy measures introduced by the country had helped strengthen its ability to respond to external shocks and reduce its vulnerability to global economic disruptions.
Cardoso also cited the naira’s performance as one of the indicators of progress, noting that the exchange rate had remained relatively stable and appreciated.
“Our exchange rate has held stable, in fact, has appreciated, as a result of which it has a direct effect, or indirect effect on everybody,” he said.
He dismissed suggestions that ordinary Nigerians were not benefiting from the country’s economic policy measures, arguing that the impact of improved reserves and exchange rate stability could be better understood by considering the adverse consequences that might have occurred without them.
“You do, you feel it, definitely feel it. If it wasn’t there, then you would feel it in a very negative way,” Cardoso said.
He also identified declining inflation as an important factor in improving economic conditions, particularly for low-income households whose purchasing power is weakened by rising prices.
“Arguably the most vicious tax you have on the poor is inflation. And being able to bring down inflation obviously affects the ordinary person. It affects everybody,” he said.
Cardoso urged Nigerians to acknowledge positive economic developments, cautioning against dismissing improvements in the country’s economic indicators.
“I hate to say something, but I will say it. I think Nigerians tend to perhaps be their worst enemies. The good things that we see, we want to trash away, is the bad things that we want to push out. Unfortunately, in this case, it’s nothing bad,” he said.
Nigeria’s external reserves recorded steady growth in September and continued rising in October, strengthening the country’s foreign exchange buffer.
The reserves increased from approximately $53.90 billion on September 1 to $54.93 billion on September 30, representing a gain of about $1.03 billion during the month.
The upward trend continued in October, with reserves reaching $54.95 billion on October 2 and $55.08 billion on October 9 before rising to $55.1 billion as of October 13.
The growth provides Nigeria with a stronger financial buffer against external pressures. However, the extent to which higher reserves translate into improved living conditions for households will also depend on inflation, exchange rate movements and the broader performance of the economy.
