The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the recent drop in Nigeria’s external reserves is not a cause for concern, despite a decline of $1.37 billion within six weeks.
Speaking alongside Wale Edun at the 2026 Spring Meetings of the International Monetary Fund and World Bank in Washington, D.C., Cardoso emphasized that Nigeria’s foreign exchange (FX) market has become more liquid and investor-friendly.
According to him, the FX system has evolved from one largely controlled by the central bank to a market-driven structure where buyers and sellers operate more freely. This shift, he noted, has increased confidence and reduced the need for frequent intervention by the apex bank.
Cardoso also pointed out that the country’s reserves remain well above the minimum level recommended by the IMF, describing the current situation as stable. He added that fluctuations in reserves are normal and should not trigger alarm.
Data from the CBN shows that Nigeria’s external reserves fell from $50.02 billion in March to $48.64 billion by mid-April. However, Cardoso maintained that the economy is in a “comfortable position.”
Looking ahead, the CBN is targeting a significant boost in diaspora remittances, aiming to increase inflows from the current $600 million per month to $1 billion monthly by the end of 2026.
