The Central Bank of Nigeria (CBN) on Tuesday said the country’s external reserves have risen to a 13-year high of $50.45 billion, bolstering confidence in the nation’s foreign exchange position.
Olayemi Cardoso, governor of the Central Bank, disclosed this at the end of the 304th Monetary Policy Committee (MPC) meeting held in Abuja. He said the current reserve level is sufficient to cover about 9.68 months of imports, underscoring improved external buffers. “next time we hope to say it is the highest in 15 year,” he said.
The apex bank had projected at the end of December 2025 that external reserves would increase to $51.04 billion in 2026. The forecast was premised on easing pressures in the foreign exchange market, stronger oil receipts, and sustained inflows from remittances and foreign portfolio investments.
The latest figure suggests progress toward that target, reflecting tighter monetary policy, improved FX liquidity and renewed investor confidence in Africa’s largest economy.
Get Newsletter Updates
Enjoying our column?
Subscribe to our specialised **Tax 360** feed to receive fresh reports and analyses directly in your inbox.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
