Nigeria’s Foreign Reserves Hit $49bn
…CBN Governor Assures Citizens of Economic Stability
By Patience Ikpeme
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has announced a significant boost in the nation’s financial health, revealing that foreign reserves have climbed to $49 billion as of February 5, 2026.
This represents a 4.93 percent increase, marking a major turning point in the country’s efforts to stabilize the economy and protect the value of the Naira.
Speaking at the 2nd Edition of the National Economic Council (NEC) Conference on Monday in Abuja, Mr. Cardoso shared a positive outlook on the nation’s recovery. He recalled that when the current administration took over, the net reserve figure was as low as $3 billion. By the end of last year, that figure jumped into the 30s, and today it stands at $49 billion. According to the Governor, the Central Bank has moved from struggling to find dollars to being a “net buyer” in the market.
The Governor explained that the gap between the official bank exchange rate and the parallel market, popularly known as the black market, has effectively collapsed to under 2%. He noted that this stability has restored confidence in the national currency, making Nigerians less afraid to hold Naira.
Mr. Cardoso pointed out that in the past, the Naira was often rejected in other West African countries, but that has changed because there is now predictability in the market. He added that travelers no longer need to scramble for foreign exchange as they can now use their Naira cards for international transactions. For those still hoarding foreign currency in hopes of a crash, the Governor warned that they are losing money every day because the Naira is now more competitive.
Much of this growth has been attributed to Nigerians living abroad. Mr. Cardoso stated that remittances from the diaspora have made a big difference. He noted that the diaspora comes from every single state in Nigeria and the bank has worked hard to ensure it is now much easier for them to send money back home.
He also spoke on the health of the banking sector, noting that banks are currently recapitalizing to support the government’s ambitious goal of building a $1 trillion economy. He stated that the numbers speak for themselves, with the economy seeing a sustained growth of 3.98% and a significant drop in inflation to 15.15%.
Looking ahead, the CBN has launched a roadmap for 2026 to 2030, which focuses on keeping prices stable and safeguarding the value of the Naira. However, Mr. Cardoso cautioned that Nigeria is “not out of the woods yet.”
He mentioned that there is still too much excess money in the system that must be managed carefully, and that the bank must watch the election cycle to ensure extra spending does not destabilize these reforms. He made it clear that while the Central Bank can control interest rates, the government must also do its part by fixing power, roads, and food supply to truly keep prices low for the common man.
In his welcome address at the event, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, praised President Bola Ahmed Tinubu for making difficult but necessary choices.
The Minister stated that a more united federation has emerged because the President’s reforms have improved the financial condition of both State and Local Governments. He noted that the President has encouraged a system where the lowest levels of government, which are closest to the people, are supported to generate value.
Senator Bagudu further remarked that the 36 State Governors, regardless of their political parties, are fully behind the government’s reforms. He said many leaders believe the President is pursuing exactly what the country needs and are actively serving on committees to tackle national issues like oil theft.
The Minister concluded by stating that the President has performed his role admirably as the Chief Executive Officer of the Federation, focusing on long-term growth rather than just convenient solutions. He asked how the nation can now sustain this momentum to ensure it benefits every citizen and finally eradicates poverty.
The Central Bank Governor concluded the session by promising that the bank will remain focused on coordinating with the government to unlock Nigeria’s full potential. He stated that the future looks bright and that by 2030, Nigeria expects to see single-digit inflation and a globally competitive financial system.
