Nigeria’s Foreign Reserves Are Not Piggy Bank

The article discusses Nigeria's foreign reserves, which have risen from about $3 billion to $40 billion in net external reserves and $52 billion in gross reserves as of July 2026. Central Bank Governor Olayemi Cardoso presented this growth as evidence of successful reforms. However, some commentators have criticized the government for not spending these reserves, a view the article argues misses the point of maintaining a buffer.

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