Nigeria’s external reserves have climbed to about $49 billion as of Thursday 5 February 2026 marking a major increase in the country’s foreign exchange buffer.

Compared with the $32 billion recorded on 29 May 2023 when President Bola Ahmed Tinubu assumed office the reserves have grown by roughly $17 billion representing a 53 percent rise in less than three years.

The figure was disclosed by Central Bank of Nigeria Governor Olayemi Cardoso on Monday 9 February 2026.

Cardoso spoke at the second National Economic Council Conference held at the State House Conference Centre in Aso Rock Villa Abuja.

---

CBN Backs Market Driven FX System

The CBN governor said the apex bank now allows the foreign exchange market to largely determine rates while intervening only when necessary.

According to him this policy shift has helped narrow the gap between the official and parallel market exchange rates.

He stated that the premium between both markets has dropped to under 2 percent.

---

Diaspora Remittances Boost Reserves

Cardoso also credited stronger remittance flows from Nigerians abroad for supporting reserve growth.

He said engagement with the diaspora has improved remittance channels making it easier for Nigerians overseas to send money home.

According to him diaspora inflows have made a significant contribution to strengthening the country’s external reserve position.