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. (Business Day)

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