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.
CARDOSO SAYS TINUBU’S EXECUTIVE ORDER ON OIL REVENUE
REMITTANCE WILL INCREASE FX RESERVES
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.
TheCable reports that on the financial regulator’s website as of 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.
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