…as reserves hit $50bn
….says Nigeria recorded 200% surge in capital inflows between 2023 and 2025
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, declared a definitive end to the era of persistent naira devaluation on Thursday, citing the success of comprehensive monetary and foreign exchange reforms.
Speaking at the Annual Distinguished Alumni Lecture of St. Gregory’s College in Lagos, Cardoso asserted that the apex bank’s policy shifts have effectively restored national pride in the currency and bolstered global confidence in Nigeria’s financial architecture.
Cardoso revealed that Nigeria’s net reserves have undergone a staggering nearly nine-fold surge to $34.8 billion in just two years, with gross external reserves recently crossing the $50 billion mark, the highest level in over thirteen years.
He attributed this growth to deliberate efforts to rebuild trust, noting a nearly 200 percent increase in capital inflows between 2023 and 2025.
According to the Governor, the elimination of the multiple exchange rate system has created a transparent market where foreign exchange is now accessible through formal channels rather than a privileged few.
Addressing the current exchange rate, Cardoso argued that transparency and accessibility are more critical than the previous artificial lower rates that were inaccessible to most Nigerians.
He pointed out that the premium between official and parallel markets has collapsed from roughly 50 percent in 2022 to less than 2 percent in 2025. This newfound liquidity, he noted, allows Nigerians to use their naira cards abroad seamlessly, a major shift from the scarcity-driven informal market dependence of previous years.
While acknowledging that bringing inflation down to a single-digit target remains a long-term journey, the Governor emphasized that price stability is the CBN’s central mission to protect the country’s most vulnerable citizens.
He described inflation as a tax on the poor and reaffirmed the bank’s commitment to a fair, disciplined environment where the market functions independently of constant central bank intervention.
Despite rising global uncertainties including geopolitical tensions in the Middle East that threaten energy prices and supply chains, Cardoso maintained that Nigeria’s house stands firm due to the structural reforms of the last two years.
He also highlighted the rise of Nigeria as a dynamic fintech hub, confirming that the CBN is implementing robust regulatory frameworks to ensure that digital innovation in payments and lending scales sustainably without compromising the integrity of the financial ecosystem.