CBN Governor Urges CEOs to Invest as External Reserves Rise to $52bn

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged Nigerian business leaders to take advantage of the country's improving macroeconomic environment, saying recent economic reforms have laid the foundation for sustainable investment and growth.

Speaking during a fireside chat at the BusinessDay CEO Forum 2026, Cardoso said reforms in exchange rate management, monetary policy and financial sector regulation were beginning to yield positive results for the economy.

He disclosed that Nigeria's gross external reserves had increased organically to $52 billion, providing about 10 months of import cover, while net foreign reserves had risen to about $40 billion, strengthening the country's external position and boosting investor confidence.

The CBN governor also said the apex bank remained on course to achieve $1 billion in monthly diaspora remittances by the end of 2026, adding that improved liquidity in the foreign exchange market had reduced the need for regular intervention by the bank.

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Cardoso further revealed that the ongoing bank recapitalisation exercise had attracted about ₦4.65 trillion in fresh capital, a development he said had enhanced the resilience of Nigeria's banking sector through stronger regulation and oversight.

According to him, confidence in Nigeria's payment system has also improved significantly, with Nigerians now able to use their bank debit cards seamlessly for transactions outside the country.

On monetary policy, Cardoso said the CBN expected banks to increase lending to productive sectors, particularly small and medium-sized enterprises (SMEs), as inflation moderates and interest rates gradually decline.

He added that the apex bank would continue working with financial institutions to strengthen their capacity and align Nigeria's banking industry with global standards.

Addressing chief executives at the forum, Cardoso called on the private sector to leverage the country's improving economic stability to drive investment and economic expansion.

"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," he said.