Nigeria’s gross external reserves have reached $50.45 billion, the highest in 13 years, Central Bank of Nigeria Governor Olayemi Cardoso announced.
Cardoso made the disclosure while briefing journalists after the CBN’s 304th Monetary Policy Committee meeting, which took place on February 23 and 24.
External reserves are foreign currency assets held by a country’s central bank, typically used to manage exchange rates, meet international payment obligations, and back domestic currency.
Speaking on the significance of the reserves position, Cardoso said the figure as of February 16 translates to an import cover of 9.68 months for goods and services.
He attributed the rise to improved export earnings, higher remittance inflows from Nigerians abroad, exchange rate stability, and a better balance of payments position.
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“The committee particularly noted the remarkable performance of Nigeria’s external sector, evidenced by robust accretion to foreign exchange reserves, supported by higher export earnings and increased remittance inflows,” Cardoso said.
He noted that the stronger reserves position has helped stabilise the foreign exchange market and improved investor confidence in the economy.
Cardoso also highlighted Presidential Executive Order 09, which mandates that oil and gas revenues be paid directly into the federation account, saying the policy is expected to boost fiscal revenues and further strengthen reserves.
He reaffirmed the CBN’s commitment to maintaining price stability, ensuring financial system resilience, and continuing reforms aimed at strengthening the external sector.
Data on the CBN’s website showed external reserves stood at $48.8 billion as of February 20. The bank has projected reserves will rise to $51.04 billion by the end of 2026.