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How Policy Reforms Drove A Massive 772% Jump In Nigeria’s Reserves — Cardoso

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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.

 

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Polaris Bank celebrates 58 New Hires from its flagship PGIT, PTIP as CEO charge them to Keep Learning, Keep Evolving

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Polaris Bank has graduated 58 exceptional new hires from its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Programme (PTIP), reinforcing its commitment to building world-class talent in Nigeria.

 

The ceremony, attended by senior leadership and invited guests, celebrated a highly selective cohort drawn from over 10,000 applicants – placing them among the top 0.58% who successfully made the cut. The milestone underscores the bank’s rigorous standards in identifying and grooming future leaders.

 

Addressing the graduates, Managing Director/CEO, Mr. Kayode Lawal, delivered a compelling charge centered on continuous learning and adaptability in a fast-evolving industry. “Never stop learning, because life never stops teaching,” he said. “In today’s technology-driven world, staying relevant requires constantly upgrading your skills. The world has moved from a pre-digital era to one powered by AI – where tasks that once took weeks are now completed in minutes. To thrive, you must learn, adapt, and evolve.”

 

He also stressed the primacy of character, noting that integrity remains the cornerstone of a successful banking career. “Integrity is the hallmark of a banker – once you lose it, you lose everything. What we truly sell is our reputation,” he stated, urging the graduates to uphold the highest ethical standards.

 

Mr. Lawal further encouraged disciplined financial habits, humility, and gratitude, reminding them that success goes beyond professional milestones to include lifelong learning, strong values, and respect for those who support one’s journey.

Congratulating the cohort, he urged them to embrace their careers with purpose and responsibility, noting that their contributions will be pivotal to the bank’s growth and the broader financial ecosystem.

 

The PGIT and PTIP programmes offer intensive training across banking and technology disciplines and have consistently produced high-performing professionals. The new hires will be deployed across key functions, supporting Polaris Bank’s strategic priorities in retail expansion, digital innovation, and superior customer experience.

 

Polaris Bank remains committed to empowering young Nigerians with opportunities to build impactful careers, as it continues to foster a culture of excellence, innovation, and sustainable growth within the financial services sector.

 

 

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Presidency Breaks Silence On Tinubu’s Absence At Lagos Project Commissioning Ceremony

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The Presidency has clarified that President Bola Tinubu did not attend the scheduled project commissioning in Lagos on Wednesday, because he was preoccupied with urgent national security matters.

Special Adviser to the President on Public Communications and Orientation, Sunday Dare, also defended President Bola Tinubu’s handling of Nigeria’s security challenges, insisting that ongoing military operations and intelligence efforts demonstrate that the country is gaining the upper hand against terrorism.

Speaking on Politics Today on Channels Television, Sunday Dare said the President had remained actively engaged in national security matters, even while away from Abuja.

“The President prioritised national security developments over the event,” he said.

“Yes, the president is in Lagos, and I’m sure beyond the pictures, you know that the president has been busy with state matters.”

He added that recent security concerns across parts of the country required the president’s attention, noting, “You will know the last 10 days, right from the attack in Jos, we’ve seen the developments.”

Dare said Tinubu had been “busy taking constant briefs” and “has to prioritise when it comes to state matters, especially security”.

He further explained that the president remained actively engaged with security agencies, and was “monitoring development, working with the intelligence community, and taking constant security briefs.”

He assured Nigerians that the administration is consistently responding to threats and remains committed to protecting lives and property.

Meanwhile, President Tinubu while inaugurating the newly constructed Ojota-Opebi Link Bridge, a project his administration envisioned in 2002 but now delivered by Governor Babajide Sanwo-Olu, said the projects reflected Lagos State government’s commitment to development and aligned with his Renewed Hope vision, which, he said, sought to build a modern country that would be fully digitally enabled and economically strong.

The bridge, a 5.04-kilometre transport corridor, is one of the three key Lagos projects inaugurated on Wednesday by Tinubu in the first of his two-day official visit to Lagos for commissioning.

Other projects include five-storey Lagos State Geographic Information Service (LAGIS) Building and Lagos Multi-Agency Building, both in Alausa.

Tinubu, who was represented by the Senate President, Senator Godswill Akpabio, congratulated Lagos residents, saying the projects delivered by Sanwo-Olu spoke to the importance of putting people’s wellbeing at the centre of development.

Tinubu said: “The Ojota-Opebi Link Bridge is more than an infrastructure; it is a bridge to opportunities. In a busy city like Lagos, vehicular movement is more than just commuting; it is associated with the city’s economic wellbeing. When traffic flows, productivity improves. When time is saved, businesses grow. When access is made easier, living standards get improved.”

Tinubu thanked Lagos Government for making the new Administrative Complex after him, noting that he accepted the honour with humility.

Lagos State governor, Sanwo-Olu, said the projects were distinct but complementary investments, with each addressing a critical aspect of governance.

The bridge, he said, would address congestion and mobility around Ikeja-Maryland-Ojota corridor, while improving the quality of life for commuters.

He said the Ojota-Opebi Link Bridge would improve efficiency of traffic circulation, with noticeable impact beyond the immediate environs of the bridge. He said the road project was completed with walkways, bicycle lanes, solar-powered street lighting and embedded service ducts.

“We have built, not just for today’s needs, but with a clear eye on the ever-expanding demands of the future. As part of this project, we have integrated a comprehensive stormwater management system to address the long-standing challenge of flooding along the Odo-Iya-Alaro corridor, thereby strengthening environmental resilience,” he said.

 

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Operation Wutan Daji: Army Neutralises 10 Terrorists In Plateau Offensives

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The Nigerian Army says its troops conducting Operation Wutan Daji have on Thursday, neutralised no fewer than 10 terrorists during coordinated offensives in Plateau.

An operational report made available to the News Agency of Nigeria (NAN) said the operations were carried out in Wase and Kanam Local Government Areas.

It said the operations targeted identified terrorist corridors around Daba and Seri villages.

It said that troops established blocking positions between Dutsen Zaki and Odare Forest, leading to contact with terrorists moving on motorcycles along the axis.

According to the report, the troops engaged the terrorists in a firefight, resulting in the neutralisation of several of them, while others fled with suspected gunshot wounds.

It added that exploitation of the area led to the recovery of 10 neutralised terrorists as well as combat items.

“Recovered items include two motorcycles, 25-litre jerrycans of Premium Motor Spirit, one AK-47 rifle and a magazine loaded with 7.62mm special ammunition.

“The operation is ongoing, with troops maintaining high fighting spirit and sustained offensive posture in the area.

“The Nigerian army reaffirms commitment to sustaining pressure on terrorists and restoring peace in affected communities,” it said.

(NAN)

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