Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the nation’s net foreign reserves hit $49 billion by February 5, 2026, from about $3 billion recorded in May 2023.
Cardoso who stated this in his presentation at the just concluded National Economic Council (NEC) meeting in Abuja, described the steady improvement in forex reserves as a clear sign of improving confidence in the country’s economy.
He said: “This is obviously a very important statistic. When we took over, the net reserve figure was about $3 billion. As at the end of last year, the net reserve figure had gone up strongly into the $30s. And as I said, as of February 5, 2026, it was $49 billion. We are now net buyers”.
He explained that the CBN now allows the foreign exchange (forex) market to largely determine prices, while the apex bank steps in to buy forex when necessary.
Cardoso said this approach has helped to close the gap between the official and parallel market exchange rates.
“The premium between the official and parallel market rates has collapsed to under two per cent,” he said, adding that recent reforms have also made forex more accessible to ordinary Nigerians, especially those travelling abroad.
“There is predictability and you can plan,” he added.
