Abuja, Nigeria – Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, marking the highest level in 13 years, Central Bank of Nigeria Governor Olayemi Cardoso has announced.
Okay News reports that Cardoso disclosed this at the end of the 304th Monetary Policy Committee meeting in Abuja on Tuesday. He stated that the gross reserves position now 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.
Cardoso said 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.
During a question-and-answer session after the briefing, Cardoso added that the CBN would provide a breakdown of the net reserves position in the coming days. He pointed to favourable trade developments and a healthy current account surplus as key drivers of the build-up. He also highlighted rising diaspora remittances and market confidence as critical pillars underpinning the reserves accretion.
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.
The reserves boost comes as the MPC lowered the Monetary Policy Rate by 50 basis points to 26.5 percent, citing sustained disinflation and exchange rate stability. What happens next depends on continued policy consistency and whether the accretion to external reserves can be sustained amid global economic uncertainties. Stronger external reserves provide a buffer against external shocks and support currency stability.
