CBN embraces Tinubu's oil revenue directive, reserves hit 13-year high
Central Bank of Nigeria (CBN) governor Olayemi Cardoso confirmed the apex bank's support for President Tinubu's Presidential Executive Order 09, which mandates oil and gas revenues flow directly into the Federation Account. This policy shift aims to boost Nigeria's fiscal revenue and external reserves, currently at $50.45 billion as of February 16, 2026—the highest level since May 2013. The reserves provide a 9.68-month import cover for goods and services. Factors driving the surge include rising non-oil exports, a healthy current account surplus, and increased diaspora remittances. The CBN credits market confidence and international engagement for stabilizing the foreign exchange system. This development follows Tinubu's signing of the order, which redirects oil and gas revenues to the Federation Account to strengthen Nigeria's financial position.