The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says that Nigeria’s external reserves have risen to $49 billion as of Feb. 5, 2026.
Speaking at the 2nd Edition of the National Economic Council (NEC) Conference in Abuja on Monday, Cardoso said that the external reserves had risen steadily over the net reserve figure which was as low as $3 billion when the current administration took over in 2023.
He said that the current administration had helped to stabilise the economy and protect the value of the national currency naira, adding that the CBN had moved from struggling to find dollars to being a “net buyer” in the market.
He explained that the gap between the official and the black market exchange rates of the naira has effectively collapsed to under 2%.
According to Cardoso, this stability has restored confidence in the national currency, making Nigerians less afraid to hold the naira.
He assured that the era when the naira was often rejected in some West African countries has changed because the currency is now predictable in the market.
The CBN governor also explained that travellers no longer scrambled for foreign exchange as they can now use their Naira cards for international transactions.
Cardoso also stated that the Nigerian currency is now more competitive in the market and advised those still hoarding foreign currency in the hope that the currency will crash to stop the practice.
He disclosed that foreign remittances have also improved significantly as the apex bank has worked hard to ensure it is now much easier for Nigerians in the diaspora to send money back home and that there is currently recapitalisation in the banking sector in order to support the government’s goal of achieving a $1 trillion economy.
GIK/APA