Nigeria'sFX reserves hit 13-year high at $50.45B
Nigeria's gross external reserves surged to $50.45 billion as of February 16, 2026, the highest level in 13 years, according to Central Bank Governor Olayemi Cardoso. This provides an import cover of 9.68 months for goods and services, signaling stronger confidence in Nigeria's external position. The improvement stems from robust foreign exchange accretion, higher export earnings, and increased remittance inflows. The MPC credits the Presidential Executive Order 09 redirecting oil revenues into the Federation Account for boosting fiscal revenue and reserves. Governor Cardoso emphasized market confidence as central to the foreign exchange framework, noting risks like oil price volatility and pre-election spending pressures but expressed optimism about sustainability through policy consistency and diversification efforts. The reserves boost follows a 50 basis point interest rate cut to 26.5% at the 304th MPC meeting, citing disinflation and exchange rate stability.