Governor of the Central Bank of Nigeria Olayemi Cardoso said the country's net foreign exchange reserves had risen from $3 billion to $40 billion since he took office in 2023, owing to economic and monetary reforms, adding that gross external reserves had reached close to $52 billion, BusinessDay reported on July 16.

Tinubu has advanced major economic reforms since taking office in May 2023, including the unification and liberalization of the naira's exchange rate and the removal of fuel subsidies. Tinubu also sought to shore up the Central Bank of Nigeria's credibility by replacing its former governor and appointing Cardoso, who steeply tightened monetary policy in 2024 to tackle high inflation. Meanwhile, Nigeria has also benefited from higher oil prices at a macroeconomic level, given that petroleum exports represent 90% of its foreign exchange earnings.