Nigeria’s Foreign Reserves Reach $49bn, Says Cardoso

The Central Bank of Nigeria‘s Governor, Olayemi Cardoso, has announced that the country’s external reserves stood at $49 billion as of February 5, 2026.

The governor of the CBN described the development as a strong signal of improving investor confidence in the economy.

Speaking on Monday in Abuja at the second edition of the National Economic Council (NEC) Conference, he said the growth in reserves represents a 4.93 percent increase from the last reported figure of $46.7 billion, marking a significant turnaround from the period when the current CBN leadership assumed office.

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 is $49 billion. 

“We are now net buyers.”

Cardoso said the CBN now allows the foreign exchange market to largely determine prices, while intervening mainly to purchase forex when necessary.

He said the approach has helped narrow the gap between the official and parallel market rates, adding: “The premium between the official and parallel market rates has collapsed to under two percent.”

He also attributed the stronger reserves to increased remittances from Nigerians in the diaspora, noting that the CBN has engaged with Nigerians abroad and introduced measures that make it easier to remit funds into the country.

He said: “Remittances have made a big difference to how we have grown our reserves.

“The diaspora comes from every single state represented here. 

“We have engaged with them and made it easier for them to remit money back to Nigeria.”

Cardoso said the naira was previously rejected in parts of the West African sub-region, adding that the narrative has changed due to improved stability.

He said: “In those days, if you went around West Africa and gave them naira, nobody wanted to touch it.

“That has all gone now. 

“There is predictability.

“And you can plan.

“Those holding unnecessary foreign exchange reserves are losing money every day.”