CBN Governor Olayemi Cardoso reveals Nigeria’s gross external reserves have climbed to $50.45 billion – the highest in 13 years
Nigeria’s FX Reserves Hit $50.45bn – Highest in 13 Years – CBN Governor Announces
Nigeria’s gross external reserves have surged to $50.45 billion, marking the strongest level recorded in more than 13 years, Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso announced on Tuesday.
Speaking at a press briefing after the 304th Monetary Policy Committee (MPC) meeting held February 23–24, 2026, Cardoso said the reserves figure – as of February 16 – now provides 9.68 months of import cover for goods and services, a significant buffer for the economy.
“The committee particularly noted the robust build-up in foreign exchange reserves, supported by stronger export receipts and rising remittance inflows,” Cardoso said.
He attributed the impressive accretion to a combination of factors: higher export earnings, improved balance of payments position, greater exchange rate stability, and sustained inflows from Nigerians in the diaspora.
Cardoso emphasized that the steady rise in reserves has delivered tangible benefits: enhanced stability in the foreign exchange market and renewed confidence among investors.
The MPC also welcomed Presidential Executive Order 09, which channels oil and gas revenues directly into the federation account. Cardoso noted that the order is expected to further strengthen fiscal revenues and support continued reserve growth.
Reaffirming the apex bank’s core mandate, the governor stated that the CBN remains steadfast in its pursuit of macroeconomic stability, price stability, financial system resilience, and deeper reforms to fortify the external sector.
Recent CBN data showed reserves at $48.8 billion as of February 20, confirming the upward trajectory. In December 2025, the bank had projected reserves would climb to $51.04 billion in 2026 – a target now appearing firmly within reach.
The latest milestone underscores improving external sector dynamics and provides a stronger foundation for Nigeria’s ongoing economic stabilisation efforts. Read More
