Nigeria's FX reserves hit $49B as remittances overtake oil
Nigeria's external reserves reached $49 billion in February 2026, driven by improved oil receipts and CBN reforms since 2023. However, experts warn diaspora remittances are becoming a more reliable FX driver than oil revenue. Remittances grew 8% in 2024 to $20.98B and reached $23B in 2025, with 70% coming from the US, UK, and Canada. CBN reforms formalized remittance channels, increasing transparency but creating vulnerability to global shocks like pandemics or recessions. A 15-20% remittance decline is possible during such events. Dr. Gbadebo Salako notes remittances now stabilize the economy as oil revenues become unreliable. Marcel Okeke warns Nigeria risks dependency on Western immigration policies, which may restrict future flows. The shift from oil to remittances represents fundamental economic transformation but introduces new FX risks.