Nigeria’s gross exterior reserves rose to $50.45 billion as of February 16, 2026, marking the best stage in 13 years, because the Central Bank of Nigeria signalled stronger confidence within the nation’s exterior place.
The CBN Governor, Olayemi Cardoso, disclosed this on the finish of the 304th Financial Coverage Committee assembly in Abuja on Tuesday.
Cardoso mentioned the gross reserves place now gives an import cowl of 9.68 months for items and companies.
The apex {bank} attributed the development to strong accretion to overseas trade reserves, supported by greater export earnings and elevated remittance inflows.
The Committee additionally welcomed the newly issued Presidential Govt Order 09, which redirects oil and fuel revenues into the Federation Account, noting its potential influence in bettering fiscal income and accretion to reserves.
Throughout a question-and-answer session after the briefing, Cardoso added that the CBN would, within the coming days, present a breakdown of the online reserves place to offer a clearer image of its motion over the previous few years.
On the drivers of the build-up, the CBN governor pointed to beneficial commerce developments and a wholesome present account surplus.
He additionally highlighted rising diaspora remittances and market confidence as important pillars underpinning the reserves accretion.
In keeping with him, sustained engagement at worldwide fora, improved transparency and consistency in coverage execution have helped engender constructive market sentiment.
Cardoso maintained that confidence stays central to the overseas trade framework. “With out market confidence, it doesn’t matter what you do, you’ll considerably suboptimise,” he mentioned.
On sustainability, the Governor acknowledged potential dangers, together with world shocks, oil worth volatility, pre-election spending pressures and monetary deficits.
Nevertheless, he expressed optimism that the present trajectory is sustainable, supplied coverage consistency is maintained, and diversification efforts proceed.
He famous that the elimination of a number of trade price home windows, clearance of overseas trade backlogs and strengthened market surveillance have contributed to regular accretion.
The reserves increase comes because the MPC lowered the Financial Coverage Charge by 50 foundation factors to 26.5 per cent, citing sustained disinflation and trade price stability.
