CBN Reforms Boost Nigeria's Reserves and Stabilize Naira

The Central Bank of Nigeria (CBN) has implemented foreign exchange reforms that have positively impacted the naira and the country's external reserves. As of February 16, 2026, Nigeria's gross external reserves rose to $50.45 billion, marking the highest level in 13 years.

CBN Governor Olayemi Cardoso noted that these reserves provide an import cover of 9.68 months for goods and services. The naira has shown signs of recovery, trading at N1,368.50 in mid-February 2026, compared to N1,431.00 at the start of the month.

The CBN's reforms are expected to enhance efficiency and transparency in the foreign exchange market, with projections indicating reserves could reach $51.04 billion by the end of 2026. Factors contributing to this growth include higher oil earnings, increased remittances, and the expansion of domestic oil refining capacity.

The CBN anticipates that these developments will further stabilize the naira and reduce pressure on the foreign exchange market.