Nigeria’s gross external reserves have risen to $50.45 billion as of February 16, 2026 — the highest level recorded in 13 years — signaling renewed strength in the country’s external position.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this on Tuesday at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja.
According to Cardoso, the current reserve level provides an import cover of 9.68 months for goods and services.
“Gross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in thirteen years. This provides an import cover of 9.68 months for goods and services,” he said.
External sector gains
The CBN attributed the surge to strong foreign exchange inflows, supported by higher export earnings and increased diaspora remittances.
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Cardoso said the MPC noted the “remarkable performance of Nigeria’s external sector,” which has strengthened stability in the foreign exchange market and improved investor confidence.
The Committee also welcomed Presidential Executive Order 09, which redirects oil and gas revenues into the Federation Account, noting its potential to enhance fiscal revenues and support further reserve accretion.
Current account surplus, rising exports
During a question-and-answer session after the briefing, Cardoso revealed that the apex bank would soon publish a breakdown of the net reserves position to provide clearer insight into its movement over recent years.
He identified favourable trade dynamics and a healthy current account surplus as major drivers of the reserve build-up.
“We’re seeing very positive signals with respect to the way the macros are developing. The current account is in healthy surplus, and non-oil exports have also gone up,” he stated.
The governor also cited rising diaspora remittances, improved transparency, and sustained policy consistency as key pillars underpinning growing market confidence.
“Without market confidence, no matter what you do, you will significantly sub-optimise,” Cardoso said.
Risks and sustainability
While acknowledging potential risks — including global shocks, oil price volatility, pre-election spending pressures, and fiscal deficits — Cardoso expressed optimism that the current trajectory remains sustainable if policy consistency and diversification efforts are sustained.
He added that the unification of exchange rate windows, clearance of foreign exchange backlogs, and strengthened market surveillance have contributed to steady reserve growth.
“As long as we’re able to continue in this particular manner, we will see a regular accretion to our reserves,” he said.
The reserves boost comes as the MPC reduced the Monetary Policy Rate by 50 basis points to 26.50 per cent, citing sustained disinflation and exchange rate stability.
