As of Thursday 5 February 2026, Nigeria’s external reserves have risen to about $49 billion.

Juxtaposed with the $32 billion on 29 May 2023 when President Bola Ahmed Tinubu was sworn in, it means that the country’s forex reserves have gained about $17 billion or 53% in less than 3 years.

The current $49 billion net reserves was disclosed by the Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso on Monday 9 February 2026.

He was speaking at the 2nd edition of the National Economic Council (NEC) Conference which held at the State House Conference Centre, Aso Rock Villa, Yakubu Gowon Crescent, Asokoro, Abuja.

According to him, the CBN now allows the foreign exchange market to largely determine prices, while the Bank steps in to buy forex only when necessary.

He explained that this approach has helped close the gap between the official and parallel market exchange rates. “The premium between the official and parallel market rates has collapsed to under 2%” he said.

The CBN governor further added that remittances from Nigerians abroad have played a great part in boosting the country’s foreign reserves.

He said, “Remittances have made a big difference to how we have grown our reserves. The diaspora come from every single state represented here; we have engaged with them and made it easier for them to remit money back to Nigeria.”