The Digest:
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that Nigeria's external reserves have risen to approximately $49 billion as of February 5, 2026. Speaking at the National Economic Council Conference, Cardoso described the increase as a strong signal of improved investor confidence. He attributed the growth to increased diaspora remittances and a market-driven foreign exchange policy, which has narrowed the premium between official and parallel market rates to under two per cent. Cardoso also warned individuals holding foreign currency without a genuine need that they are incurring losses. The CBN and NCC concurrently proposed a draft framework for reversing failed airtime and data transactions.
Key Points:
- Stronger reserves enhance Nigeria's ability to defend the naira, manage import costs, and honour external obligations, indirectly affecting inflation and living costs.
- The increased reserve level improves the country's creditworthiness and reduces perceived risk for foreign investors.
- The CBN's policy framework benefits from increased credibility, while currency speculators face potential losses.
- The reserve growth indicates a recovery and improved management of the nation's external balance sheet.
- Announcing this figure now reinforces the economic narrative of stability ahead of key policy reviews and planning cycles.
Sources: CBN Governor's Address, Nigerian Tribune
