Cardoso Woos Investors As FX Turnover Hits $8.6bn, Reserves Climb to $43.4bn.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured investors of Nigeria’s improving macroeconomic stability, just as he revealed that the country’s foreign exchange (FX) market turnover has so far risen to $8.6 billion monthly in 2025.
Additionally, Cardoso, who spoke during an Investors’ Forum in Washington D.C., on the sidelines of the ongoing IMF/World Bank Annual Meetings, pointed out that Nigeria’s gross external reserves have climbed to $43.4 billion, enough to cover 11 months of imports.
This comes as the Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, on Wednesday called for the mobilisation of $4 trillion in domestic capital across Africa to drive investments in digital infrastructure, energy, and other critical sectors, calling for coordinated action to democratise prosperity on the continent.
Speaking on “Boosting Productivity Growth in the Digital Age” at the ongoing IMF/World Bank Annual Meetings, Elumelu highlighted the untapped potential of Africa’s domestic capital.
Equally, the United Bank for Africa (UBA) Plc, will today reinforce its role in shaping the continent’s financial ecosystem with the launch of its landmark whitepaper on financial infrastructure. .
Speaking further, Cardoso, noted that the FX market premium, which had soared to 52 per cent in 2022, has now fallen to less than three per cent, reflecting the success of ongoing monetary and fiscal reforms.
At the interactive session attended by global investors, investment bankers, and members of Nigeria’s economic management team, the CBN Governor emphasised that the country’s economic focus remains on strengthening fundamentals, advancing reforms, and unlocking sustainable investment opportunities.
Following the Governor’s remarks, Deputy Governor, Economic Policy, CBN, Mohammed Sadi Abdullahi, provided a detailed overview of Nigeria’s improved external position, monetary policy measures, and financial market reforms.
Abdullahi noted that Nigeria’s current account surplus for 2024 stood at over $17 billion and was projected to exceed $20 billion in 2025, supported by higher oil output, diversification into non-oil commodities, renewed manufacturing activity, reduced petroleum imports, and strong remittance flows.
“Over the last two years, we’ve really focused a lot on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 to July 2025 have doubled.
“FX supply at the official window has significantly improved and been driven by order-based quotation, a lot of reforms around remittances and all the other issues that I mentioned, and the clearance of backlogs and all outstanding obligations.
“There’s been a significant increase in the average monthly turnover to $8.6 billion monthly in 2025 versus an average of $5.5 billion and much less in the year before. Today, CBN stands as a net supplier by less than about a percentage of the market turnover. We’re actually a net buyer in the market.
He added: “We have, over the last two years as well, been rebuilding external buffers to provide resiliency to shocks. Our foreign exchange reserves, our gross reserves, are at a five-year high of $43.4 billion as of 10th October, enough import cover for 11 months. “We have continued to also deliberately improve the quality and quantum of our net FX reserves. Between last year and this year, we have released almost $13 billion back to local and international banks in a way that is allowing for organic growth of our own reserves.”
He added: “In terms of the balance of payments, we are doing significantly better. The current account surplus for 2024 was over $17 billion, and we’ve continued to see for this year improvements in our current account, our financial accounts, and we do hope to close the year as well with even more impressive figure.
Source: Arisetv
