Nigeria’s foreign exchange reserves have surged to $50.45 billion, marking the country’s highest level in more than a decade, as monetary authorities point to improving export earnings, diaspora inflows and strengthened fiscal reforms as key drivers of the recovery.
Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced the development at a press briefing following the conclusion of the Monetary Policy Committee’s (MPC) 304th meeting held between February 23 and 24.
According to Cardoso, the reserves position as of February 16 provides import cover of 9.68 months for goods and services — a benchmark widely regarded as a measure of a nation’s ability to withstand external economic shocks.
Foreign exchange reserves consist of assets held by a country’s monetary authority in foreign currencies to support monetary policy operations, stabilise exchange rates and meet international payment obligations.
The CBN governor described the reserves build-up as evidence of renewed strength in Nigeria’s external sector, noting that sustained inflows from exports and diaspora remittances have significantly boosted the country’s buffers.
“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 accretion has helped stabilise the foreign exchange market while strengthening investor confidence in the Nigerian economy.
Cardoso attributed the improvement to a combination of stronger export performance, better balance of payments management, exchange rate stability and sustained remittance inflows from Nigerians abroad.
The MPC also welcomed Presidential Executive Order 09, which redirects oil and gas revenues into the federation account, describing the policy as a fiscal reform capable of enhancing government earnings and supporting further reserve growth.
Reaffirming the apex bank’s policy direction, the CBN governor said the institution remains committed to safeguarding price stability, strengthening the resilience of the financial system and deepening reforms aimed at reinforcing Nigeria’s external sector.
Data published on the CBN’s website indicated that external reserves stood at $48.8 billion as of February 20. The bank had earlier projected in December 2025 that reserves could rise to $51.04 billion in 2026, suggesting the current trend keeps the country on course toward that target.
