Nigeria’s foreign reserves rise to $49bn, CBN reports

By Kunle Sanni –

Nigeria’s net foreign reserves have climbed to $49 billion, marking a dramatic and sustained recovery from the lows of about $3 billion recorded in May 2023, the Central Bank of Nigeria (CBN) has said.

CBN Governor Olayemi Cardoso disclosed the figure on Tuesday in Abuja while speaking at the second edition of the National Economic Council (NEC) Conference. He said the reserves reached $49 billion as of February 5, 2026, supported by strong inflows from diaspora remittances, non-oil exports, and other individual and institutional sources.

Cardoso described the steady rise in reserves as a strong indicator of renewed confidence in Nigeria’s economy.

“When we took over, the net reserve position was around $3 billion,” he said. “By the end of last year, it had risen into the $30 billion range, and as of February 5, 2026, it stood at $49 billion. We are now net buyers in the foreign exchange market.”

He explained that the CBN has adopted a market-driven foreign exchange framework, allowing prices to be largely determined by supply and demand, while intervening only when necessary to purchase foreign currency.

According to him, the policy shift has significantly narrowed the gap between official and parallel market exchange rates. “The premium between the official and parallel market rates has collapsed to below two per cent,” the CBN governor said.

Cardoso identified remittances from Nigerians in the diaspora as a major driver of the reserve build-up, noting that targeted engagement and improved remittance channels had made it easier for Nigerians abroad to send money home.

“Remittances have made a big difference in growing our reserves,” he said. “The diaspora, drawn from every state of the federation, are eager to support the economy, and we have worked to remove barriers to remittance inflows.”