Nigeria’s net foreign reserves have risen sharply to $49 billion, representing a sustained recovery from the low point of about $3 billion recorded in May 2023, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso revealed the figure on Tuesday in Abuja while addressing participants at the second National Economic Council (NEC) Conference. He said the reserves stood at $49 billion as of February 5, 2026, driven by robust inflows from diaspora remittances, non-oil exports, and other individual and institutional sources.
Cardoso said the consistent growth in reserves reflects renewed confidence in the Nigerian 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 embraced a market-driven foreign exchange system, where prices are largely set by supply and demand, with the bank stepping in only when necessary to buy foreign currency.
The governor noted that the policy change has helped close the gap between the official and parallel market exchange rates. “The premium between the official and parallel market rates has collapsed to below two per cent,” he said.
Cardoso also pointed to diaspora remittances as a key factor behind the reserve growth, adding that deliberate engagement and improved remittance channels have eased the flow of funds into the country.
“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.”