Nigeria’s FX Reserves Hit 13-Year High At $50.45bn As Cardoso Signals Stronger External Position

Nigeria’s gross external reserves have climbed to $50.45 billion — the highest level recorded in 13 years — according to the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso.
Cardoso disclosed this at a press briefing following the 304th meeting of the Monetary Policy Committee (MPC), held on February 23 and 24, noting that the reserves position as of February 16 provides an import cover of 9.68 months for goods and services.
Foreign exchange reserves are assets held by a country’s monetary authority in foreign currencies to back liabilities and support monetary policy operations.
The CBN governor described the development as a reflection of the remarkable performance of Nigeria’s external sector, citing sustained accretion to reserves driven by higher export earnings and increased diaspora remittances.
“The committee particularly noted the robust build-up in foreign exchange reserves, supported by stronger export receipts and rising remittance inflows,” Cardoso said.
He added that the steady accumulation of reserves has enhanced stability in the foreign exchange market and bolstered investor confidence.
Cardoso attributed the improved reserves position to stronger export performance, improved balance of payments dynamics, exchange rate stability, and sustained inflows from Nigerians in the diaspora.
The MPC also welcomed Presidential Executive Order 09, which redirects oil and gas revenues into the federation account, noting its potential to strengthen fiscal revenues and further boost reserves.
Reaffirming the apex bank’s commitment to macroeconomic stability, Cardoso said the CBN remains focused on safeguarding price stability, maintaining financial system resilience, and deepening reforms aimed at strengthening the external sector.
Data published on the CBN’s website showed that external reserves stood at $48.8 billion as of February 20. In December 2025, the apex bank projected that reserves would rise to $51.04 billion in 2026.