Nigeria’s FX reserves have risen to $55.25bn, their highest level in more than 18 years, as the CBN reports stronger external balances and easing FX pressures.
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria’s gross foreign exchange (FX) reserves have crossed $55 billion, describing the milestone as the highest in more than 18 years.
Cardoso spoke on Tuesday at a news conference following the 307th meeting of the Monetary Policy Committee (MPC) in Abuja.
“We have been able to rebuild our reserves. And the whole conversation around rebuilding the reserves, we know that today, and it was mentioned in my communiqué, that we are in excess of $55 billion, the highest number in over 18 years,” he said. “That’s a big thing. It has come through consistency and discipline in approach.”
The Numbers Behind the Milestone
According to the CBN, gross external reserves stood precisely at $55.25 billion as of September 18, 2026, sufficient to finance 11.3 months of imports of goods and services. That figure is more than $20 billion above the reserve level at the end of 2023, when the current administration took office, and represents a jump of roughly $6.9 billion since the end of March 2026 alone, when reserves stood at $48.35 billion. The disclosure comes after reserves had already reached $54.8 billion as of September 22, according to recent CBN data.
Cardoso said foreign exchange pressures had receded significantly as the country rebuilt its external buffers, alongside a sharp improvement in Nigeria’s current account position: the surplus rose 67.9 percent, from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter. The balance of payments surplus similarly increased, from $2.38 billion in Q1 to $3.51 billion in Q2.
Diaspora Remittances a Key Driver
Cardoso attributed the strengthening external position partly to increased diaspora remittances, saying the CBN’s efforts to raise monthly inflows towards $1 billion had yielded results.
“As of July, it was almost there. It was almost at $1 billion,” he said.
The governor said the improved reserve position, alongside improved FX liquidity and exchange-rate stability, had helped strengthen Nigeria’s resilience. He said the CBN was confident remittances would continue to grow, while acknowledging that external shocks could affect the flows.
“We will continue to grow these numbers. It will continue to be important for Nigeria,” Cardoso said. “But we also accept that it can go up, it can go down.”
The governor said the CBN would continue to engage Nigerians in the diaspora and encourage them to invest in the domestic economy.
“We are not going to relent. And we believe that the future is bright for us to continue to improve on those remittances,” he said.
A Steadier Currency Market
Cardoso separately identified greater stability in the foreign exchange market as one of the CBN’s most significant accomplishments under his tenure, describing the shift from severe volatility to a more predictable market as among his proudest achievements. A steadier naira, he said, gives businesses and investors greater scope to plan and make projections.
The reserve milestone was disclosed at the same news conference where the MPC announced a surprise 350-basis-point cut to the Monetary Policy Rate (MPR), bringing it down to 23 percent from 26.5 percent, the biggest single cut in the rate’s history since 2006. Cardoso said the adjustment was intended to strengthen monetary policy transmission and restore the MPR as the principal signal of monetary policy, and would support the CBN’s transition to an inflation-targeting framework.
