Nigeria’s foreign reserves have reached a 13-year high of $50.45 billion as of February 16, 2026, Central Bank Governor Olayemi Cardoso announced on Tuesday. The level, the strongest since May 2013, provides an import cover of approximately 9.68 months for goods and services.
The disclosure followed the 304th Monetary Policy Committee meeting in Abuja. Cardoso attributed the rise to favourable trade dynamics, a current account surplus, and growth in non-oil exports. He emphasised that underlying these factors is improved market confidence, built through consistent policy communication and transparency on the international stage.
The reserves, which ended 2025 at about $45.5 billion, had earlier been projected by the apex bank to reach $51.04 billion by year-end. The steady upward trajectory continues through early 2026.
However, Cardoso cautioned that the sustainability of this buffer faces risks, including potential global shocks, oil price volatility, fiscal pressures, and pre-election spending if not contained. He stressed the need for policy consistency to avoid destabilising the achieved stability.
In a concurrent policy move, the MPC unanimously voted to reduce the Monetary Policy Rate (MPR) by 50 basis points to 26.50 per cent. The committee maintained other ratios, including the Cash Reserve Ratio. Cardoso explained the cut followed a balanced risk assessment, noting that headline inflation has decelerated for 11 consecutive months, supported by exchange rate stability and improved food supply. Stronger export earnings and remittance inflows have further bolstered the external sector.
The dual developments—rising foreign reserves and a moderate interest rate cut—reflect a cautiously optimistic outlook for Nigeria’s macroeconomic management, even as authorities remain vigilant to domestic and external vulnerabilities.
