Nigeria’s external reserves have climbed to nearly $50 billion, the highest level recorded in more than 17 years, according to new figures from the Central Bank of Nigeria. Data released by the apex bank show that gross external reserves stood at $49.9 billion, representing an increase of $4.44 billion from the $45.5 billion recorded at the end of 2025.
CBN Governor Yemi Cardoso confirmed that reserves rose to $50.45 billion as of February 16, 2026, marking the highest level since January 2009. The sustained accumulation reflects improved foreign exchange management and stronger inflows into the economy.
Economists attribute the rise to a combination of factors, including enhanced foreign exchange reforms, stronger oil earnings, higher diaspora remittances, and reduced spending on fuel imports following increased domestic refining capacity. Each of these elements has contributed to the steady rebuilding of Nigeria’s external buffers after years of depletion.
Financial analysts say the growing reserves strengthen Nigeria’s external position and provide additional support for the local currency. Higher reserve levels improve the country’s import cover, currently estimated at more than eight months, and enhance confidence in the foreign exchange market.
“This remarkable growth reflects stronger inflows into the economy and improved management of external accounts, reinforcing Nigeria’s macroeconomic stability,” analysts noted. The development comes as policymakers continue efforts to stabilise the foreign exchange market following major reforms introduced in recent years.
Market watchers believe the stronger reserve position will support the CBN’s monetary policy objectives and provide additional flexibility in managing exchange rate pressures. Higher reserve levels are seen as a critical safeguard against external shocks, particularly during periods of global economic uncertainty. The accumulation also enhances investor confidence by demonstrating improved liquidity buffers and stronger external account management.
