Olayemi Cardoso, governor of the Central Bank of Nigeria, revealed the milestone during a press briefing. He spoke after the 304th Monetary Policy Committee meeting on February 24, 2026, in Abuja.
Cardoso stated, “Gross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in 13 years.” The committee met on February 23 and 24.
Reserve Details
The reserves marked a rise from $49 billion on February 5, 2026. Cardoso explained, “This provides an import cover of 9.68 months for goods and services.” Additionally, the increase reflected stronger confidence in Nigeria’s external position. The figure represented the highest level since 2013.
Economic Context
Nigeria’s economy showed expansion. Cardoso noted that the Purchasing Managers’ Index stood at 55.7 in January 2026. Meanwhile inflation declined for the 11th consecutive month. However the naira depreciated further despite interventions. Cardoso highlighted that global growth would improve in 2026 due to AI investments.
Potential Risks
Cardoso warned of threats to stability. He identified volatile oil prices, fiscal deficits, and pre-election spending in 2027 as concerns. These factors could impact the reserves. Meanwhile reforms continued to bolster the economy.
Policy Decisions
The committee reduced the Monetary Policy Rate by 50 basis points to 26.5 percent. It retained the Cash Reserve Ratio at 45 percent for commercial banks and 16 percent for merchant banks.
Cardoso added that 20 banks met new capital requirements, with verified raises totaling N4 trillion. The moves aimed to sustain progress.
