CBN’s External Reserves Surge to $52.7bn on Strong FX Confidence

Nigeria’s gross external reserves climbed to $52.73bn from $48.88bn in January, marking a 7.9% gain. The Central Bank governor shared these figures during a Senate Committee oversight session. Net reserves also jumped from $3.99bn last year to over $40bn this year, a rise of more than 900%. The Banking Sector Recapitalisation Programme has pulled in ₦4.65tn in fresh capital by March, making it one of the largest fundraising efforts in Nigeria’s banking history. Senator Adetokunbo Abiru commended measures that have steadied the naira and improved transparency in the forex market. He warned that success should be judged by the sector’s ability to mobilise savings and provide affordable credit to agriculture, manufacturing, infrastructure, technology and SMEs. Following the public hearing, the Senate committee met with CBN management behind closed doors to continue discussions on policy direction.

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