The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s foreign exchange reserves provide a cushion against global economic shocks, helping to shield Nigerians from external economic pressures.

Cardoso spoke at the IMF–World Bank Annual Meetings in Bangkok, where he highlighted the benefits of rising external reserves, exchange rate stability and ongoing efforts to curb inflation.

Cardoso said he was often asked how the CBN’s policy gains translate into tangible benefits for ordinary Nigerians.

He explained that stronger external reserves help protect the economy from global shocks, adding that Nigeria could have faced more severe economic challenges without the financial buffer.

“What we’ve been able to accomplish in terms of having very robust external reserves, highest in 18 years, is also something that affects the ordinary person,” he said.

“Without that, a lot of the headwinds that other countries face, we would be facing them, in fact, in a perhaps worse way than they are facing.”

The CBN governor said Nigeria implemented reforms and policies early enough to strengthen its ability to withstand external shocks, including economic pressures arising from the war and tariff-related developments.

Cardoso dismissed suggestions that ordinary Nigerians were not benefiting from the country’s economic policy gains, arguing that without stronger external reserves and exchange rate stability, they would have faced more severe economic pressures.

“You do, you feel it, definitely feel it. If it wasn’t there, then you would feel it in a very negative way,” he said.

He also highlighted declining inflation as a key benefit, particularly for low-income households whose purchasing power is weakened by rising prices.

“Arguably the most vicious tax you have on the poor is inflation. And being able to bring down inflation obviously affects the ordinary person. It affects everybody,” Cardoso said.

Cardoso urged Nigerians to acknowledge the positive developments in the economy rather than dismissing the gains recorded so far.