Nigeria’s Foreign Reserves Hit Highest Level Seen in 2009

Nigeria’s Foreign Reserves Hit Highest Level Seen in 2009

Nigeria’s gross external reserves surged to approximately $50 billion, marking a significant increase of $4.441 billion from $45.502 billion posted at the end of 2025, according to data from the Central Bank.

At the current level of $49.9 billion, the nation’s gross reserves reached the highest since January 2009, when a total of $50.5 billion was reported by the Central Bank.

This remarkable growth in Nigeria’s foreign reserves is the result of sharp reductions in oil import payments and robust increases in foreign exchange receipts, analysts said.

Recently, the Central Bank confirmed that Nigeria’s gross foreign reserves now exceed $50 billion. It’s important to note that the figure announced by authorities exceeds the record on its website, highlighting a reporting lag in data capture.

Specifically, the CBN governor, Yemi Cardoso, revealed in a public statement that the nation’s gross external reserves reached $50.45 billion as of February 16, 2026.

A slew of market economists maintained that the surge in foreign reserves is undeniably fueled by effective foreign exchange reforms, soaring oil earnings, and enhanced remittances.

Boosting the exchange rate outlook, analysts said growing foreign reserves is critical to strengthening the naira and ensuring adequate import cover for the nation. Egypt Raises Fuel Prices Amid Global Energy Market Pressures