Nigeria records highest foreign reserves in over 18 years

Nigeria’s foreign reserves have crossed $55 billion, reaching the highest level in more than 18 years, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced.

Cardoso announced the development at a news conference after the 307th meeting of the Monetary Policy Committee (MPC) in Abuja.

The reserve building, according to him, is attributable to consistency and discipline in the CBN’s approach as well as diaspora contributions.

Cardoso said the CBN had rebuilt the country’s foreign reserves to a level not seen in more than 18 years.

“We have been able to rebuild our reserves. We know that today, the reserves have crossed US$ 55 billion – the highest number in over 18 years.

‘’That’s a big thing. It’s come through consistency and discipline in approach. In addition to that is the whole issue of diaspora contributions,” Cardoso said.

Cardoso also discussed the changes in Nigeria’s foreign exchange market, contrasting the previous system of multiple exchange rates with what he described as the closure of the gap between rates.

“We had a very dysfunctional foreign exchange market whereby there were multiplicity of rates depending on whom you knew and the access you had will determine the rate you will get.

“What has happened is that we have succeeded in closing that gap. It is not fair for some people to profit at the expense of others,” he said.

Cardoso added that the losses associated with the former system of subsidies were significant.

“The losses of these ‘subsidies’ were in the region of 2.2% of the GDP. And that is staggering,” he said.

Nigeria’s external reserves have crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026.