Nigeria’s gross external reserves has climbed to $50.45 billion, marking the country’s strongest reserves position in 13 years, according to the Central Bank of Nigeria (CBN).
Olayemi Cardoso, Governor of the Central Bank of Nigeria, disclosed this at a press briefing following the 304th Monetary Policy Committee (MPC) meeting held on February 23 and 24, 2026.
Brandspur Banking News Desk reports that the apex bank said the reserves level as of February 16 provides an import cover of 9.68 months for goods and services, reinforcing Nigeria’s external buffers amid ongoing global economic pressures.
Cardoso said the MPC took note of what it described as a strong performance in Nigeria’s external sector, driven by higher export earnings and rising remittance inflows from Nigerians in the diaspora. According to him, the sustained build-up of reserves has helped stabilise the foreign exchange market and improved overall investor confidence.
He attributed the reserves growth to a combination of factors, including stronger non-oil and oil export receipts, improved balance of payments position, relative exchange rate stability and increased inflows from diaspora remittances.
The CBN governor also highlighted the impact of Presidential Executive Order 09, which mandates the remittance of oil and gas revenues into the federation account. He said the policy is expected to further strengthen fiscal revenues and support additional accretion to the nation’s foreign exchange reserves.
Cardoso reaffirmed the central bank’s commitment to safeguarding price stability, strengthening the resilience of the financial system and sustaining reforms aimed at boosting the external sector.
Data from the CBN’s official website showed that Nigeria’s external reserves stood at $48.8 billion as of February 20, underscoring the rapid pace of recent inflows. The central bank had earlier projected in December 2025 that reserves could rise to $51.04 billion in 2026.
Analysts say the rising reserves position provides Nigeria with greater policy flexibility, improves the country’s ability to meet external obligations and sends a positive signal to foreign investors monitoring macroeconomic stability.
