Nigeria’s net foreign reserves have risen to $49 billion in a remarkable sustained recovery from about $3 billion recorded in May 2023.
Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the nation’s net foreign reserves hit $49 billion by February 5, 2026 as inflows from remittances, non-oil exports and other individual and institutional sources continued to provide strong buffers for the nation’s currency stability.
Cardoso spoke yesterday in Abuja at the second edition of National Economic Council (NEC) Conference.
He described the steady improvement in forex reserves as a clear sign of improving confidence in the country’s economy.
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 was $49 billion. We are now net buyers”.
He explained that the CBN now allows the foreign exchange (forex) market to largely determine prices, while the apex bank steps in to buy forex when necessary.
According to him, this approach has helped to close the gap between the official and parallel market exchange rates.
“The premium between the official and parallel market rates has collapsed to under two per cent,” Cardoso said.
He pointed out that remittances from Nigerians living abroad have played a major role in boosting the country’s foreign reserves.
He noted that Nigerians in the diaspora come from all parts of the country and are keen to support the economy by sending money home.
He said: “Remittances have made a big difference to how we have grown our reserves. The diaspora come from every single state represented here. We have engaged with them and made it easier for them to remit money back to Nigeria”.
He added that the cooperation of state governors and other leaders would be crucial in sustaining this progress in the coming years.
Cardoso said recent reforms have also made forex more accessible to ordinary Nigerians, especially those travelling abroad.
“When people travel now, you don’t have to look for foreign exchange to travel. You use your naira card and pay for whatever you want. Now the naira is more competitive and people are not afraid to hold naira,” Cardoso said.
He recalled that in the past, the naira was widely rejected in parts of the West African sub-region, but said that situation has changed.
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”.
He warned Nigerians who are holding foreign currency without real need that such actions could lead to losses.
On the banking sector, Cardoso said ongoing recapitalisation efforts are strengthening banks and positioning them to support Nigeria’s long-term economic goals, including the ambition to build a $1 trillion economy.
“We all know how important the banking system is. Banks are recapitalising, investors are earning positive real returns, and equity markets are recovering due to improved earnings and stability,” Cardoso said.
He said the CBN is also working on clear succession rules to ensure smoother leadership transitions in banks and greater resilience during periods of uncertainty.
Cardoso said recent economic data shows signs of stability, pointing to GDP growth of 3.98 per cent, a strong current account position, and a $3.42 billion surplus recorded in the third quarter of 2025.
He said: “We haven’t had this kind of current account strength in a very long time”.
He also noted that inflation has moderated to about 15.15 per cent, adding that the figures show that recent reforms are producing results.
According to him, the CBN has developed a roadmap for the period from 2026 to 2030, aimed at using macroeconomic stability to drive productivity and growth.
