Nigeria’s foreign reserves have hit $49 billion as of February 5, 2026, according to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso. This marks a 4.93% increase from the previous figure of $46.7 billion and is seen as a sign of improving confidence in the country’s economy.
Cardoso attributed the growth to various factors, including the CBN’s reforms, which have led to economic stability, reduced inflation (15.15%), and a strong current account position with a $3.42 billion surplus in Q3 2025. Remittances from Nigerians abroad have also played a significant role in boosting reserves.
The CBN projects external reserves to reach $51.04 billion in 2026, driven by increased oil revenues, sovereign bond issuance, and diaspora remittance inflows. This growth is expected to strengthen Nigeria’s ability to meet external obligations, improve import cover, and provide a buffer against external shocks.
Cardoso emphasized the importance of state governments aligning with national stability goals by investing in infrastructure, managing debt responsibly, and promoting financial inclusion. The CBN aims to maintain a disciplined interest rate path and support policies that improve revenue and modernize public financial management.
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