Presidency reacts as Nigeria’s external reserves hit $55.25bn

Abdullateef Fowewe

Nigeria’s external reserves reached $55.25 billion as of September 18, 2026, the highest level in more than 18 years — according to figures released by the Central Bank of Nigeria (CBN) following its Monetary Policy Committee meeting.

The reserves are now sufficient to cover 11.3 months of imports of goods and services.

The CBN also reported an improvement in the country’s external accounts, the current account surplus rose 67.92 percent to $7.54 billion in the second quarter of 2026 from $4.49 billion in the first quarter, while the overall balance of payments surplus increased from $2.38 billion to $3.51 billion over the same period.

CBN Governor Olayemi Cardoso said foreign exchange pressures had “receded significantly” as the country rebuilt its external buffers.

“We have been able to rebuild our reserves, the highest number in over 18 years. That’s a big thing. It’s come through consistency and discipline in approach,” Cardoso stated after the 307th MPC meeting.

He also noted the contribution of diaspora remittances to the stronger position.

In response to the data, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, described the figures as evidence that the administration’s economic reform agenda is working.

“New figures announced by the CBN showed that the Tinubu administration’s economic reform agenda is working and bolstering the Nigerian economy,” Onanuga wrote, listing the reserve level, import cover, surplus improvements, and the decision to cut the benchmark interest rate.

The MPC reduced the Monetary Policy Rate to 23 per cent from 26.5 per cent, a 350-basis-point cut described by the bank as a “reset” amid moderating inflation and improving macroeconomic conditions.

The reserve buildup continues a recovery that began after major policy changes introduced following Tinubu’s inauguration in 2023.

Those reforms included the removal of fuel subsidies, the unification of multiple foreign-exchange windows into a more market-determined system, and tighter monetary policy under Cardoso, who took office as CBN governor in September 2023.

At that time, Nigeria faced severe FX shortages, a wide gap between official and parallel-market rates, and depleted net reserves.

Gross reserves stood near $33–40 billion in the early phase of the reforms. By the end of 2025 they had risen to around $46 billion, according to earlier data, before accelerating further in 2026 on the back of stronger oil-related inflows, higher remittances, capital inflows, and improved FX market functioning.