Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said ongoing reforms in exchange rate management, monetary policy and financial system stability are strengthening Nigeria’s economic outlook and creating new opportunities for investment.
Speaking during a fireside chat at the BusinessDay CEO Forum 2026, Cardoso said the country’s external reserves and banking sector had recorded significant improvements, reflecting growing investor confidence in the economy.
According to him, Nigeria’s gross external reserves have risen organically to $52 billion, providing about 10 months of import cover, while net foreign reserves have increased to approximately $40 billion, further strengthening the country’s external position.
The CBN governor said the apex bank remains committed to achieving $1 billion in monthly diaspora remittances by the end of 2026, adding that the foreign exchange market is now sufficiently liquid to function with minimal intervention from the central bank.
Cardoso also disclosed that the ongoing bank recapitalisation exercise has attracted about ₦4.65 trillion in fresh capital, a development he said has enhanced the resilience of Nigeria’s banking sector through stronger regulation and oversight.
He noted that confidence in Nigeria’s payment system has improved considerably, with Nigerians now able to use their bank debit cards seamlessly for transactions abroad.
On monetary policy, Cardoso said that as inflation continues to moderate and interest rates gradually decline, the CBN expects banks to increase lending to productive sectors of the economy, particularly small and medium-sized enterprises (SMEs), while maintaining prudent risk management.
He added that the apex bank would continue collaborating with financial institutions to strengthen their capacity and ensure Nigeria’s banking system aligns with global standards.
Addressing business leaders at the forum, the CBN governor urged Nigerian chief executives to take advantage of the country’s improving macroeconomic environment by increasing investments.
“Where we are now, we have achieved hard-earned stability. With stability comes the potential for investment, and with investment comes growth. All our local CEOs should be part and parcel of that train that is moving,” Cardoso said.
