Nigeria's External Reserves Reach $50.45 Billion in 2026

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), reported that Nigeria's gross external reserves stood at $50.45 billion as of February 16, 2026.

During a press briefing following the Monetary Policy Committee (MPC) meeting on February 24, 2026, he emphasized the significant improvements in the country's external sector fundamentals and the impact of transparency in foreign exchange management. Cardoso noted that net foreign exchange reserves increased from $34.80 billion at the end of December 2025, reflecting a sharp rise of $3.99 billion by the end of 2023.

He stated that the net reserves are expected to exceed the total gross reserves recorded at the end of 2023, which was $33.22 billion. The increase in reserves is attributed to enhanced investor confidence and improved reserve management practices, which aim to preserve capital and ensure liquidity for long-term sustainability.

Cardoso reaffirmed the CBN's commitment to maintaining adequate reserve buffers to support orderly foreign exchange market operations.