Nigeria’s FX Reserves Now $50.4bn –CBN Governor Cardoso

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), says Nigeria’s gross external reserves have risen to $50.45 billion –the highest level in 13 years.

Cardoso spoke at a press briefing after the 304th meeting of the Monetary Policy Committee (MPC) of the CBN held on February 23 and 24.

FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.

According to the CBN governor, the reserves position as of February 16, “provides an import cover of 9.68 months for goods and services”.

“The committee particularly noted the remarkable performance of Nigeria’s external sector, evidenced by robust accretion to foreign exchange reserves, supported by higher export earnings and increased remittance inflows,” Cardoso said.

He added that the build-up in reserves has contributed to greater stability in the foreign exchange market and strengthened investor confidence.

The CBN governor attributed the improved reserves position to stronger export earnings, increased diaspora remittances, sustained exchange rate stability, and improvements in the balance of payments.

The CBN governor said the committee welcomed the presidential executive order 09, which redirects oil and gas revenues into the federation account, noting its potential to improve fiscal revenue and support further accretion to reserves.

He also said the bank remains committed to safeguarding price stability and maintaining financial system resilience, while sustaining reforms that strengthen the external sector.

According to CBN website as at February 20, the external reserves stood at $48.8 billion.

On December 22, 2025, CBN projected that the external reserves would rise to $51.04 billion in 2026.