Nigeria's FX Reserves Reach $50.45 Billion, Highest in 13 Years

As of February 16, 2026, Nigeria's foreign exchange reserves have risen to $50.45 billion, marking the highest level in 13 years, as disclosed by Central Bank of Nigeria Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee meeting in Abuja. Cardoso attributed this improvement to robust foreign exchange reserve accumulation, supported by higher export earnings and increased remittance inflows.

The reserves now provide import cover for 9.68 months of goods and services. The Monetary Policy Committee noted that the performance of Nigeria's external sector has contributed to greater stability in the foreign exchange market, bolstering investor confidence.

Cardoso also highlighted the potential impact of the recently issued Presidential Executive Order 09, which redirects oil and gas revenue to the federal account, on improving fiscal revenue and reserve accumulation. He acknowledged risks such as global oil price volatility and pre-election spending pressures but expressed optimism about maintaining a consistent policy framework to support market confidence.