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How Policy Reforms Drove A Massive 772% Jump In Nigeria’s Reserves — Cardoso
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso recently announced that Nigeria’s net foreign reserves surged by approximately 772% over a two-year period, rising from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025.
Foreign reserves refer to the savings a country keeps in foreign currencies such as the US dollar to help it pay for imports, meet international financial obligations, and stabilise its currency during economic pressure.
Cardoso said the strong increase shows that Nigeria now has a larger financial buffer to support the economy when needed.
He also explained that the net reserves recorded at the end of 2025 were even higher than the total gross reserves Nigeria had at the end of 2023.
At the end of 2023, Nigeria’s gross foreign reserves stood at $33.22 billion.
The CBN governor had earlier announced during the press briefing after the Monetary Policy Committee meeting on February 24, 2026, that Nigeria’s gross external reserves had reached $50.45 billion as of February 16, 2026.
In a statement issued in Abuja, Cardoso said the increase in reserves reflects improvements in the country’s economic fundamentals and the impact of reforms introduced by the central bank.
“Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms,” Cardoso said.
He explained that the growth in reserves was supported by efforts to make the management of Nigeria’s foreign exchange more transparent and credible.
According to him, when investors see that the foreign exchange system is transparent and properly managed, they are more willing to bring their money into the country.
Cardoso said the reforms have helped boost investor confidence and attract more foreign exchange inflows into Nigeria.
“These figures emphasise the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger foreign exchange inflows and improving reserve management practices aimed at preserving capital, ensuring liquidity and supporting long-term sustainability,” he said.
He added that the increase in reserves means Nigeria now has more financial strength to handle international payments and economic shocks.
The CBN governor also explained year-by-year how the reserves improved.
According to him, Nigeria’s net foreign reserves rose from $23.11 billion at the end of 2024 to $34.80 billion by the end of 2025.
Gross reserves also increased within the same period, rising from $40.19 billion in 2024 to $45.71 billion at the end of 2025.
This represents an increase of $5.52 billion in gross reserves within one year.
Cardoso said the stronger reserves will help Nigeria meet its obligations to other countries and international financial institutions.
He also said the improved reserve position gives the country more ability to support stability in the foreign exchange market.
According to him, when a country has stronger foreign reserves, it is better able to manage pressure on its currency and maintain confidence in the economy.
Cardoso described the reserve level recorded at the end of 2025 as evidence that the central bank’s policy reforms are producing results.
He said the reforms are designed to strengthen Nigeria’s economy and ensure that the country can better manage its foreign exchange resources.
The CBN governor assured that the central bank will continue to focus on maintaining strong reserves to support the economy.
News
MC Oluomo Retakes NURTW Secretariat In Abuja Following Clashes
Musiliu Akinsanya, popularly known as MC Oluomo, has regained control of the National Union of Road Transport Workers (NURTW) national secretariat in Abuja.
This follows a highly volatile 24-hour period marked by a leadership struggle between MC Oluomo and a rival faction led by Tajudeen Baruwa.
MC Oluomo returned to the secretariat to inspect damaged property following the takeover, according to a video shared by TVC on X.
The development followed an earlier move on Monday by a faction led by Tajudeen Baruwa, which occupied the secretariat, claiming that court rulings supported its action.
Baruwa, who addressed journalists after the occupation, maintained that his faction acted within the law and in line with court decisions.
“Their body language has not been encouraging despite repeated assurance that we are not going back to foment any trouble, as we are a law-abiding union whose only mission is to get back what belongs to us,” he said.
“But today, as you can see, we are taking over in a peaceful manner, and it is not a forceful takeover but just carrying out the court’s orders,” he added.
He said the police had been formally notified and provided with copies of the judgments but alleged that the response was not encouraging.
“Again, please be aware that our coming here after two years is to occupy our office, having obtained judgments at both the lower court and the Appeal Court, but they refused to obey court orders after waiting for about two years. We decided to resume at the office today without causing any violence, and here we are,” he said.
Baruwa also alleged that one of his members was attacked during the process.
“Although the other faction attacked one of our members, who is now in the hospital, the situation is under control. We are still open to reconciliation as we are a lawful organisation and not a troublemaker. No one is above the law,” Baruwa stated.
Reacting on Monday via his Instagram page, MC Oluomo described the development as a “forceful takeover” and insisted that legal proceedings were still ongoing.
He said he was not a defendant in the judgment cited by Baruwa and disclosed that the ruling had been appealed, with a stay of execution already secured.
“The National President wishes to inform members of the union and the general public that he was not a defendant in the purported judgment.
“The judgment has been appealed, and a stay of execution has been duly entered. He has not engaged with Mr Baruwa or any individual, aware that cases are pending in court.
“The situation is under the control of security agencies. Alhaji Musiliu Ayinde Akinsanya remains the National President of NURTW,” the statement read.
Akinsanya urged union members to remain calm and law-abiding as the leadership dispute continues.
Tribune Online reports that the Federal Capital Territory (FCT) Police Command on Monday arrested Baruwa and six others following the incident.
News
Biola Bayo Deletes Baba Ijesha Interview From All Platforms After Nigerians React
Nollywood actress and podcaster Biola Bayo (Abiola Adebayo) has deleted her controversial interview with convicted actor Baba Ijesha from her Instagram and YouTube channels following intense public backlash.
The decision to take down the content came after Nigerians criticized the platforming of a convicted child molester, accusing Bayo of helping him downplay his crimes and “reopen wounds” for the victim.
In the now-deleted interview, Baba Ijesha addressed the story behind the se,xual assault that led to his conviction.
He insisted that he is neither a rap!st nor a pedophile, maintaining his innocence despite the controversy surrounding the case and serving a JAIL TERM.
During the conversation, the actor also expressed disappointment towards Damilola Adekoya, also known as Comedian Princess, accusing her of betraying those close to her.
He further spoke about Iyabo Ojo, stating that he felt hurt by her reaction to the situation.
The interview quickly sparked outrage online, with many criticizing both the actor’s remarks and Biola Bayo’s decision to host the conversation.
As the backlash intensified, the actress has now removed the video from her YouTube channel and restricted access to it on her Instagram page.
News
El-Rufai Denied Immediate Release; Bail Hearing Set For March 31
Former Kaduna State Governor Nasir El-Rufai will remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) after a Federal High Court in Kaduna adjourned his bail application to March 31, 2026.
El-Rufai was brought before the court on Tuesday over charges bordering on conversion of public property and money laundering.
The charges were preferred against him by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
He was brought to court by security operatives at about 9:00 am in a Hilux vehicle and was held in the car for about 25 minutes before being escorted into the courtroom about 10 minutes later.
Security operatives were stationed in and around the court premises ahead of the hearing.
During the court proceedings, Ukpon Akpan, counsel to el-Rufai, asked the court to grant bail to his client to allow him prepare for his defense.
The argument was rejected by the prosecution counsel who argued that the bail could interfere with the commission’s investigation.
The former governor has been in the custody of the ICPC since February 19 after he was released by the Economic and Financial Crimes Commission (EFCC).
Since el-Rufai’s arrest, there have been several calls for his release or arraignment.
In ICPC custody, the former governor refused to respond to questions posed by investigators, citing his right to remain silent.
On March 5, the magistrate court extended the initial remand order for el-Rufai by another 14 days.
El-Rufai had filed a fundamental rights suit before the federal high court in Abuja over the search conducted on his residence by the ICPC and the remand order issued on February 19.
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