Nigeria’s foreign exchange reserves have crossed the $55 billion mark, reaching their highest level in more than 18 years, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN).
Cardoso announced the figure on Tuesday, September 22, 2026, in Abuja, following the conclusion of the Monetary Policy Committee’s 307th meeting.
The reserve position offers a measure of the progress made in restoring Nigeria’s external financial strength, following years of pressure on foreign exchange availability and the country’s balance of payments.
“We have been able to rebuild our reserves,” Cardoso said. “And the whole conversation around rebuilding the reserves, we know that today, and it was mentioned in my communique that we are in excess of $55 billion, the highest number in over 18 years.”
“That’s a big thing. It has come through consistency and discipline in approach.”
Data released by the CBN had put the reserves at $54.8 billion as of September 22, just below the threshold later announced by the governor.
The improvement has coincided with stronger foreign exchange inflows from Nigerians abroad. Cardoso said the central bank’s campaign to lift monthly diaspora remittances towards $1 billion was beginning to bear fruit.
By July, he disclosed, the inflows had come close to the target.
“As of July, it was almost there. It was almost at $1 billion,” he said.
Remittances have become an important source of foreign exchange for Nigeria, supporting households, businesses and the economy. For the CBN, increasing these inflows is also part of effort to improve the country’s external accounts.
Cardoso said the rise in reserves, together with improved foreign exchange liquidity and greater exchange-rate stability, had strengthened Nigeria’s capacity to absorb economic pressures.
He expects remittance inflows to continue growing but cautioned that they remain exposed to external developments and could move in either direction.
“We will continue to grow these numbers. It will continue to be important for Nigeria,” the governor said.
“But we also accept that it can go up, it can go down.”
The CBN intends to sustain its engagement with Nigerians in the diaspora, encouraging not only continued remittances but also increased investment in Nigeria’s 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,” Cardoso said.
The reserve announcement came alongside a separate monetary policy decision by the committee. At the same September 22 meeting, the MPC cut the Monetary Policy Rate by 350 basis points to 23 percent. The committee said the reduction would improve the effectiveness of monetary policy and assist Nigeria’s transition to an inflation-targeting framework.
The reserve figure now places greater attention on what follows: whether the country can sustain the inflows supporting the accumulation, preserve the gains made in foreign exchange liquidity and ensure that stronger reserves translate into tangible improvements across the economy.
For now, the $55 billion threshold stands as a notable marker in Nigeria’s ongoing financial and monetary policy story.
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