Nigeria’s net foreign exchange (FX) reserves have risen to about $40 billion from roughly $3 billion at the onset of the current economic reforms, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said.

He attributed the 1,233.3 per cent increase to reforms aimed at restoring stability and investor confidence.

Speaking at the BusinessDay CEO Forum in Lagos, yesterday, Cardoso disclosed that the country’s gross external reserves had climbed to about $52 billion.

He recalled that Nigeria’s net reserves stood at about $3 billion when the reforms commenced, a figure published at the time by J.P. Morgan, which, according to him, heightened concerns over the country’s external position.

Cardoso said the recovery in net reserves reflects the cumulative impact of policy measures introduced over the past two years to stabilise the naira, improve foreign exchange liquidity and rebuild confidence in the economy after a prolonged period of FX shortages and wide disparities between the official and parallel market exchange rates.

He described the current macroeconomic stability as a platform for growth rather than a destination, urging business leaders to take advantage of the improved environment by expanding investments.

According to him, sustained stability creates the conditions for increased investment, which in turn supports economic growth and job creation.

The development comes as the apex bank continues efforts to deepen liquidity in the foreign exchange market and dismantle distortions that characterised the previous FX regime.