Nigeria’s foreign exchange (FX) reserves have climbed to $50.45 billion, marking the highest level recorded in 13 years, according to the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso. Speaking after the 304th meeting of the Monetary Policy Committee (MPC) held on February 23 and 24, Cardoso described the surge as a significant boost to the country’s external position and overall economic stability.
Foreign exchange reserves are assets held by a nation’s monetary authority in foreign currencies to back liabilities and influence monetary policy. Cardoso revealed that as of February 16, the reserve level provides an import cover of 9.68 months for goods and services — a buffer considered strong enough to support trade obligations and cushion external shocks.
The CBN governor attributed the steady rise in reserves to stronger export earnings, increased diaspora remittances, sustained exchange rate stability, and improvements in Nigeria’s balance of payments. According to him, the Monetary Policy Committee noted the “remarkable performance” of the country’s external sector, highlighting robust inflows that have strengthened the foreign exchange market and improved investor confidence.
Cardoso also pointed to the impact of Presidential Executive Order 09, which redirects oil and gas revenues into the federation account. He said the policy is expected to improve fiscal revenues and support further accumulation of reserves. The apex bank, he added, remains committed to safeguarding price stability, reinforcing financial system resilience, and sustaining reforms aimed at strengthening Nigeria’s external sector.
Data published on the CBN website shows that external reserves stood at $48.8 billion as of February 20, indicating continued upward momentum. The bank had earlier projected on December 22, 2025, that reserves would rise to $51.04 billion in 2026 — a target that now appears increasingly within reach, signaling cautious optimism for Africa’s largest economy.
source: pmexpress