Nigeria’s FX Reserves Hit $50.45bn, Boosting Investor Confidence
Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, Olayemi Cardoso announced at the conclusion of the Central Bank of Nigeria’s 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The level marks the highest reserves position in more than a decade and provides an important cover of 9.68 months for goods and services.
The apex bank attributed the surge to strong foreign exchange inflows, driven by higher export earnings, increased non-oil exports, and rising diaspora remittances. The MPC also welcomed Presidential Executive Order 09, which channels oil and gas revenues into the Federation Account, a move expected to bolster fiscal revenue and support reserves growth.
Governor Cardoso said the increase reflects healthy current account surpluses, improved market confidence, and consistent policy implementation. “Without market confidence, no matter the interventions, outcomes will be suboptimal,” he noted, while cautioning that global shocks, oil price volatility, pre-election spending, and fiscal gaps remain potential risks.
The CBN plans to release a detailed breakdown of net reserves in the coming days, providing clarity on the accumulation over recent years. Cardoso highlighted policy measures such as the elimination of multiple exchange rate windows, clearance of foreign exchange backlogs, and strengthened market surveillance as key factors behind steady accretion.
The reserves milestone comes as the MPC reduced the Monetary Policy Rate by 50 basis points to 26.5 per cent, citing sustained disinflation and exchange rate stability. Analysts say the combination of robust reserves and lower interest rates could further boost investor confidence and support broader economic growth.
