Nigeria’s FX reserves now $50.4bn - Cardoso

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 ofthe monetary policy committee (MPC) of the CBN held on February 23 and 24. FX reserves are assets held on reserve by a monetaryauthority in foreign currencies, which are used to back liabilities andinfluence monetary policy. According to the CBN governor, the reserves position as ofFebruary 16, “provides an import cover of 9.68 months for goods and services”. “The committee particularly noted the remarkable performanceof Nigeria’s external sector, evidenced by robust accretion to foreign exchangereserves, supported by higher export earnings and increased remittanceinflows,” Cardoso said. He added that the build-up in reserves has contributed togreater stability in the foreign exchange market and strengthened investorconfidence. The CBN governor attributed the improved reserves positionto stronger export earnings, increased diaspora remittances, sustained exchangerate stability, and improvements in the balance of payments. CARDOSO SAYS TINUBU’S EXECUTIVE ORDER ON OIL REVENUEREMITTANCE WILL INCREASE FX RESERVES The CBN governor said the committee welcomed thepresidential executive order 09, which redirects oil and gas revenues into thefederation account, noting its potential to improve fiscal revenue and supportfurther accretion to reserves. He also said the bank remains committed to safeguardingprice stability and maintaining financial system resilience, while sustainingreforms that strengthen the external sector. TheCable reports that on the financial regulator’s websiteas of February 20, the external reserves stood at $48.8 billion. On December 22, 2025, CBN projected that the externalreserves would rise to $51.04 billion in 2026.

Read More