Nigeria's external reserves hit $51.06 billion, beat CBN target
By Aboki Forex —
Nigeria's external reserves have risen to $51.06 billion. This surpasses the Central Bank of Nigeria's year-end target of $51.04 billion.
The reserves are now 32.62% higher than the $38.50 billion recorded in the same period last year. This gives the CBN more room to support the naira and meet international payments.
The naira gained N1.35 in the official Nigerian Foreign Exchange Market on Monday. The dollar closed at N1,369.11 compared to N1,370.46 on Friday.
Market activity also improved. The number of deals executed jumped 59.32% to 94 from 59 on Friday. Interbank turnover rose 63.47% to $65.21 million.
In the parallel market, the naira strengthened by N5. The dollar is now sold at N1,395, down from N1,400 last Friday. The gap between the official and parallel rates has narrowed to N31.
Members of the CBN's Monetary Policy Committee shared their views after the February 2026 meeting. Aku Pauline Odinkemelu said the reserves now cover about 10 months of imports. She credited higher oil receipts and improved investor confidence.
She also noted the CBN's push to diversify into gold holdings using locally sourced gold refined to international standards. She added that Executive Order 9 and FX market stability should boost reserves further.
Bala Moh'd Bello said Nigeria's external position has strengthened markedly. He pointed to stronger export earnings and increased remittance inflows as key drivers.