Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026.
This, according to him, marks the highest level in 13 years.
Cardoso disclosed this at the end of the 304th Monetary Policy Committee meeting in Abuja on Tuesday, where he also said the gross reserves position now provides an import cover of 9.68 months for goods and services.
He attributed the improvement to robust accretion to foreign exchange reserves, supported by higher export earnings and increased remittance inflows.
According to Cardoso, the MPC noted the “remarkable performance of Nigeria’s external sector,” which has contributed to greater stability in the foreign exchange market and bolstered investor confidence.
The Committee also welcomed the newly issued Presidential Executive Order 09, which redirects oil and gas revenues into the Federation Account, noting its potential impact in improving fiscal revenue and accretion to reserves.
