Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years - Politics

Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years - Politics - Nairaland

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Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by NaijaphiliaBlog(op): 6:49am On Feb 10

As of Thursday 5 February 2026, Nigeria’s external reserves have risen to about $49 billion.

Juxtaposed with the $32 billion on 29 May 2023 when President Bola Ahmed Tinubu was sworn in, it means that the country’s forex reserves have gained about $17 billion or 53% in less than 3 years.

The current $49 billion net reserves was disclosed by the Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso on Monday 9 February 2026.

He was speaking at the 2nd edition of the National Economic Council (NEC) Conference which held at the State House Conference Centre, Aso Rock Villa, Yakubu Gowon Crescent, Asokoro, Abuja.

According to him, the CBN now allows the foreign exchange market to largely determine prices, while the Bank steps in to buy forex only when necessary.

He explained that this approach has helped close the gap between the official and parallel market exchange rates. “The premium between the official and parallel market rates has collapsed to under 2%” he said.

The CBN governor further added that remittances from Nigerians abroad have played a great part in boosting the country’s foreign reserves.

He said, “Remittances have made a big difference to how we have grown our reserves. The diaspora come from every single state represented here; we have engaged with them and made it easier for them to remit money back to Nigeria.”

source

23 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by NtoAkwaIbom(m): 7:23am On Feb 10

gud one... best thing is to grow reserve with dangote rate go las drop

53 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by olaolulazio(m): 7:24am On Feb 10

That's amazing
The children of hate and followers of madman advice utilizer will not be happy

44 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by DeLaRue: 7:24am On Feb 10*

Brilliant.

Non oil exports also breaking records.

A truly magnificent turnaround by Mr Tinubu's government.

The World Bank is now projecting Mr Tinubu's mini economic miracle to other countries facing similar challenges but that have not found a way out e.g Argentina, Pakistan, Bangladesh, Sri Lanka, and many African countries among others.

This is the first truly methodical government Nigeria has had for a long time.

45 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by phobia2002: 7:25am On Feb 10

Neck suffocating, bad news for the enemies of Nigeria especially Obedient. If this news makes u sad. It shall be permanent

26 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by dapelua(m): 7:25am On Feb 10

Election is near so na to dey give us Lamba so that we can vote them in the next election....

8 Likes 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by erniok2: 7:25am On Feb 10

PMB was $32 net? Thought our bankers debunked that when he was out of office.

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Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by TheStoriesOfMan: 7:26am On Feb 10

"Na statistics we go chop?"

5 Likes 1 Share

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by InvestSmart(f): 7:27am On Feb 10

I guess the economic policies are working but the legislation has dent... Likewise our governance and systems.

DeLaRue:
Brilliant.

Non oil exports also breaking records.

A truly magnificent turnaround by Mr Tinubu's government.

The first truly methodical government Nigeria has had for a long time.

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Kukutente23: 7:28am On Feb 10

Nigerians should be applauded for their resilience and perseverance
They are paying through their nose to see this Fx reserves rise majorly shored up by govt borrowing
The big question is the currency value
Nigeria's naira is presently undervalued. When a store of value is trading below its real value, it's the holders that suffer for it as they don't get full value for their money
Those who benefit from it are those who hold foreign currencies especially in foreign account as they are the ones benefitting directly from every kobo that the naira is robbed of
Classic case of robbing Uriah to pay David

3 Likes 3 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by PDPdestroyer(m): 7:28am On Feb 10

phobia2002:
Neck suffocating, bad news for the enemies of Nigeria especially Obedient. If this news makes u sad. It shall be permanent

You no lie. I’m Obidient and really pained seeing this news. I doubt I’d be able to go to work today

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Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by iichidodo: 7:28am On Feb 10

As an obedient, must say thieefnnubu has done a yeoman's job stabilizing the economy which he helped destabilize with THAT daft speech on his Inauguration day..... Although the citizenry all had to pay a hefty price for that, a price we didn't have to pay if he had used a lil more tact and finesse...A shocker that we are still paying the price with taxations and inflation.

1 Like 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Irony1: 7:28am On Feb 10*

olaolulazio:
That's amazing
The children of hate and followers of madman advice utilizer will not be happy

If you were put on the spot to analyse in detail the technical intricacies of this growth in FX reserve, you cannot even do it, because you have no clue or an iota of understanding of the economic technicalities of it. Your own is to look for a way to look for imaginary enemies and children of hate that do not exist.

4 Likes 1 Share

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Arkmanbuddy(m): 7:29am On Feb 10

This is good news. I expect the reserves to keep on increasing as there's no more pressure on it by dollar-naira round trippers and subsidy payments. It should cross the $55bn mark before the general elections next year

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Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by olaiya2007(m): 7:29am On Feb 10

This innocent news will just cause depression for some people

13 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Kukutente23: 7:29am On Feb 10

erniok2:
PMB was $32 net? Thought our bankers debunked that when he was out of office.

You think the present value is not also buoyed up by loans? You think it's the real value? All that talk of net vs gross was just propaganda by the usual suspects

5 Likes 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by AustineE1: 7:32am On Feb 10*

....our foriegn debt has risen by how much percent?can some one answer this question.
In just one year Nigeria's external debt rose by 83.89 percent, jumping from ₦38.22 trillion in December 2023 to ₦70.29 trillion by December 2024.

5 Likes 4 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by osato45: 7:34am On Feb 10

In the light of the inflation the country is experiencing, it's not rocket science to understand that the over devaluation of the naira by this government in 2023 compared to previous governments, this would be expected.

2 Likes 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by nduchucks: 7:37am On Feb 10

What was the foreign exchange rate 3 years ago?

1 Like 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by DeLaRue: 7:37am On Feb 10*

iichidodo:
As an obedient, must say thieefnnubu has done a yeoman's job stabilizing the economy which he helped destabilize with THAT daft speech on his Inauguration day..

Without that 'daft' speech as you call it, we would still be parabulating like Argentina infinitely searching for a solution.

With the economic turnaround now manifesting, that speech has turned out to be one of the most inspired speeches ever made by any Nigerian in the history of this country.

For clarification, speeches declaring Nigeria's independence, and speeches declaring and accepting the end of the horrible civil war are a thousand times more important.

However, at an economic level, Mr Tinubu's speech declaring the end of subsidy will be talked and written about for decades to come because of the monumental damage the fraudulent subsidy was doing to Nigeria, and how that speech sounded its death knell and marked the start of an astounding turnaround.

By the way, Mr Tinubu, a first class degree holder in Accounting not only knew exactly what he wanted as President, he has the super strong will needed to carry out his plans.

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Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Moikiitos: 7:38am On Feb 10

That's good but our reserve should be at least minimum amount same figures as our population...The more the merrier

! Any sensible leader should grow the reserve in times of needs.

NaijaphiliaBlog:
As of Thursday 5 February 2026, Nigeria’s external reserves have risen to about $49 billion.

source

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Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by Agent8706(m): 7:39am On Feb 10

olaolulazio:
That's amazing
The children of hate and followers of madman advice utilizer will not be happy

Call them the children of hate however you like. But if this news doesn't reflect in the life of the common man today, or coming months, then it's a useless news because you and I already know what will happen to a large portion of that money

2 Likes 2 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by seunmsg(m): 7:40am On Feb 10

erniok2:
PMB was $32 net? Thought our bankers debunked that when he was out of office.

Where did you see $32billion net reserve during PMB era?

46 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by anonimi: 7:43am On Feb 10

olaolulazio:
That's amazing

The children of hate and followers of madman advice utilizer will not be happy

Are you happy with the increase in debt burden in the last three years, despite $84 billion subsidy savings and Tinubu hitting his higher revenue target in August with a false claim of not borrowing?

How much happiness do you derive from this anomalous situation huh

https://www.youtube.com/watch?v=Bn29b0SkCWU

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by MEGAWATCH: 7:44am On Feb 10

Good!

But all we want is for our election to be transmitted from polling unit to INEC server.

Thank you.

🙏🙏🙏

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by AntiChristian: 7:44am On Feb 10

How can I make millions from FX now?

1 Like

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by DeLaRue: 7:45am On Feb 10*

osato45:
In the light of the inflation the country is experiencing, it's not rocket science to understand that the over devaluation of the naira by this government in 2023 compared to previous governments, this would be expected.

If devaluation automatically results in high foreign reserves as you claim, why does Zimbabwe, which has the most devalued currency in the world not have the largest foreign reserve in the world?

And why are countries around the world not rushing to devalue their currency if doing so automatically results in a higher foreign reserve and a stable economy.

The way some of you come to social media to pontificate about what you know little about is laughable.

7 Likes 1 Share

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by ravensckar(m): 7:47am On Feb 10

Yesterday, it was a publication about Nigeria not being among the most 25 indebted nation to IMF.

Today, it's about 53% increase in our imaginary FX.

Tinubu and his group of propagandist must really think the citizens are daft to not know the truth. Insecurity is ravaging the country, they are here talking about FX growth. Of what relevance is this nonsense to people who are living in fear of BANDITS & TERRORISTS? huh

Oh! I forgot, election is around the corner. It's time to start showing fake love to the citizens. They will start eating corns at the market now. Very soon, they will start sharing rice, garri and 5K. If una like, make una collect am again. We'll be here to read your lamentations.

#Picks_tooth

2 Likes 3 Shares

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by LegalWolf: 7:47am On Feb 10

olaolulazio:
That's amazing
The children of hate and followers of madman advice utilizer will not be happy

Call brendaniel name in full and don't go through the corners grin

6 Likes

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by iichidodo: 7:49am On Feb 10

DeLaRue:
Without that 'daft' speech as you call it, we would still be parabulating like Argentina infinitely searching for a solution.

With the economic turnaround now manifesting, that speech has turned out to be one of the most inspired speeches ever made by any Nigerian in the history of this country.

For clarification, speeches declaring Nigeria's independence, and speeches declaring and accepting the end of the horrible civil war are thousand times more important.

My point is, at an economic level, Mr Tinubu's speech declaring the end of subsidy will be talked and written about for decades to comes simply because of the monumental damage the fraudulent subsidy was doing to Nigeria, and how the evisceration of subsidy marked the beginning of a new era in the economic history of this country.

Forget the Argentina jype, every tom, dick and Harry with their grandmothers knew the solution to our economic problems, thieefnnubu just went roughshod about it because he was quite clueless on the whole governing thing, it's a miracle the gamble seems to be paying off and things are turning this way. Let me ask you, what if he gambled and lost, who do you think will suffer, him or the citizenry? Forget the inflation and taxations we are suffering now..

Re: Nigeria’s FX Reserves Have Risen 53% In Less Than 3 Years by anonimi: 7:50am On Feb 10

DeLaRue:
Brilliant.

Non oil exports also breaking records.

A truly magnificent turnaround by Mr Tinubu's government.

The World Bank is now projecting Mr Tinubu's mini economic miracle to other countries around the world facing similar challenges but that have not found a way out e.g Argentina, Pakistan, Bangladesh, Sri Lanka, and many African countries among others.

This is the first truly methodical government Nigeria has had for a long time.

Since when did failure to deliver on promises become brilliant to smart people?

If any of these rumours are true then why has Jagaban of Borgu failed to deliver on his N300/$1 short term goal 33 months after hitting the ground running?

What is brilliant about this failure in spite of Tinubu’s $3.3 billion SPV loan from Afreximbank that is secured by future oil sales? The loan was specifically to defend the Naira and facilitated by Elumelu’s UBA at an outrageous rate of 11.85% shocked

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