Nigeria’s Foreign Reserves now $49bn- CBN Governor
Nigeria’s Central Bank Governor Mr. Olayemi Cardoso, has disclosed that Nigeria’s foreign reserves have grown to $49 billion as of February 05, 2026.
“This is obviously a very important statistic”, he said, noting that it’s a 4.93 percent increase in foreign reserves.
According to him, “When we took over, the net reserve figure was about $3 billion U.S., as at the end of this last year, the net reserve figure had gone up quantumly. It was in the 30s. And as I said, February 05, 2026 is $49 billion U.S. We are now net buyers.”
CBN Governor Mr Olayemi Cardoso disclosed this at the 2nd Edition of the National Economic Council (NEC) Conference on Monday in Abuja.
“By that, I mean that while we allow the market to generally find its own level, many times the central bank itself goes in to buy foreign exchange. The premium between the official and parallel market rates has collapsed to under 2%.
“Remittances have made a big difference to how we have grown our reserves. The diaspora come from every single state that is represented here. All of them living outside and looking to remit money back to Nigeria. We’ve engaged with them.
“We have ensured that it is now easier for them to remit money back to Nigeria, and honestly, the support of all the excellencies here will be very, very helpful in the years ahead.
“When people travel now, when you travel, you don’t have to look for foreign exchange to travel. You use your Naira card and pay for whatever you want here. Now, you have a situation where Naira is more competitive and people are not afraid to hold Naira.
“In those days, when you go all the way down in the West African sub-region, and you give them Naira, nobody wants to touch it. That has all gone now. There’s predictability, you can plan”, Cardoso further stated.
Continuing the CBN Governor said “You don’t have to run, look for foreign exchange, and build up reserves in foreign exchange. You don’t have to do that any longer. And those of them who are holding unnecessary foreign exchange reserves, I don’t need to tell them that they are losing money every day.
“We all know the importance of the banking system to our overall goals. So banks are recapitalizing, investors are earning positive real returns, and equity markets are recovering on the back of improved earnings and stability. We are typing succession rules to ensure smoother management transitions and stronger resilience in times of uncertainty.
“Of course, we know how important the banks are, so we are doing everything possible to ensure that the market that emerges from the recapitalization is fixed and proper and able to help to sustain the very ambitious and tall order of the $1 trillion economy. CBN reforms have established economic stability.
“And again, the numbers speak for themselves. Sustained GDP growth of 3.98%. Strong current accounts, very out of sequence for a very long time. We haven’t had that.
“$3.42 billion U.S. surplus recorded in third quarter of 2025 is significant improvement. Significant moderation in inflation, 15.15%.
In his Welcome Address, Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, said about President Bola Ahmed Tinubu “Today, a more united federation is gathered here because of the choices you made. Not only have your reforms improved the fiscal condition of States and Local Governments, but the majority of the burden is borne by the Federal Government of Nigeria.
You have encouraged us to recognise that true federalism lies in our ability to recognise the potentials of the lowest level of government, which is closest to the people, and to support the sustainable generation of value within it. Hence, your focus on what each ward can do and how it can be supported.”
But more important than what others say is what Nigerians say. Members of NEC represent the 36 states and the FCT. They have been given opportunities to contribute to most of the reform measures, and commendably, most of them — regardless of party — believe you are pursuing what our country needs and fully support the Government. In fact, some have said they can’t justify being in another party.
It is clear that you want to be remembered as someone who led us to make the right choices, not necessarily the most convenient ones. While we have performed well, it is even more crucial to concentrate on how we can improve further.
How do we sustain our momentum, ensure it benefits everyone, equip our people with the necessary skills to compete, and envision the future to plan accordingly? How do we eradicate poverty and reach a minimum $1 trillion economy by 2030? How do we mobilise our three tiers of government and our citizens?
I believe this aligns with what Section 130(2) of our Constitution intends, by describing the President as Chief Executive Officer of the Federation, as well as Head of State and Commander-in-Chief of the Armed Forces of the Federation. You have performed these roles admirably.
The 36 State Governors, all members, have participated commendably in the proceedings, often agreeing with policies and programmes proposed by the Federal Government. Some of these relate to the coordination of fiscal and monetary policies, security, infrastructure, grassroots development, as well as measures to boost domestic production.
In fact, Governors are either leading or serving on Committees that tackle national issues, including the effort to increase the national revenue by curbing oil theft.
