Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, marking the highest level in 13 years, as the Central Bank of Nigeria signalled stronger confidence in the country’s external position.
The CBN Governor, Olayemi Cardoso, disclosed this at the end of the 304th Monetary Policy Committee meeting in Abuja on Tuesday.
Cardoso said the gross reserves position now provides an import cover of 9.68 months for goods and services.
What the CBN governor said
- He said, “Gross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in thirteen (13) years. This provides an import cover of 9.68 months for goods and services.”
The apex bank attributed the improvement to robust accretion to foreign exchange reserves, supported by higher export earnings and increased remittance inflows.
According to Cardoso, the MPC noted the “remarkable performance of Nigeria’s external sector,” which has contributed to greater stability in the foreign exchange market and bolstered investor confidence.
The Committee also welcomed the newly issued Presidential Executive Order 09, which redirects oil and gas revenues into the Federation Account, noting its potential impact in improving fiscal revenue and accretion to reserves.
CBN to release detailed breakdown of net reserves soon
During a question-and-answer session after the briefing, Cardoso added that the CBN would, in the coming days, provide a breakdown of the net reserves position to give a clearer picture of its movement over the past few years.
On the drivers of the build-up, the CBN governor pointed to favourable trade developments and a healthy current account surplus.
- “We’re seeing very positive signals with respect to the way the macros are developing… The current account is in healthy surplus, and of course, the non-oil exports have also gone up,” he said.
He also highlighted rising diaspora remittances and market confidence as critical pillars underpinning the reserves accretion.
According to him, sustained engagement at international fora, improved transparency and consistency in policy execution have helped engender positive market sentiment.
Cardoso maintained that confidence remains central to the foreign exchange framework. “Without market confidence, no matter what you do, you will significantly suboptimise,” he said.
On sustainability, the Governor acknowledged potential risks, including global shocks, oil price volatility, pre-election spending pressures and fiscal deficits.
However, he expressed optimism that the current trajectory is sustainable, provided policy consistency is maintained, and diversification efforts continue.
He noted that the elimination of multiple exchange rate windows, clearance of foreign exchange backlogs and strengthened market surveillance have contributed to steady accretion.
- “As long as we’re able to continue in this particular manner, we will see a regular accretion to our reserves,” Cardoso said
The reserves boost comes as the MPC lowered the Monetary Policy Rate by 50 basis points to 26.5 per cent, citing sustained disinflation and exchange rate stability.
