Economy

Nigeria’s foreign reserves hit $49bn

Published

5 months ago

February 10, 2026

Admin

/home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/02/Olayemi-Cardoso.jpg&description=Nigeria’s foreign reserves hit $49bn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">

/home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/02/Olayemi-Cardoso.jpg&description=Nigeria’s foreign reserves hit $49bn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">

ADVERTISEMENT

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that Nigeria’s external reserves have risen to about $49 billion as of February 5, 2026, describing the development as a clear sign of improving confidence in the country’s economy.

Cardoso spoke on Monday in Abuja at the second edition of the National Economic Council (NEC) Conference, where he explained that the growth in reserves represents a 4.93 per cent increase from the last figure of $46.7 billion which marks a major turnaround from what the country faced when the current CBN leadership took over.

“This is obviously a very important statistic,” Cardoso said. “When we took over, the net reserve figure was about $3 billion. As at the end of last year, the net reserve figure had gone up strongly into the 30s. And as I said, as of February 5, 2026, it is $49 billion. We are now net buyers.”

He explained that the CBN now allows the foreign exchange market to largely determine prices, while the Bank steps in to buy foreign exchange when necessary. According to him, this approach has helped to close the gap between the official and parallel market exchange rates. “The premium between the official and parallel market rates has collapsed to under two per cent,” he said.

Cardoso said remittances from Nigerians living abroad have played a major role in boosting the country’s foreign reserves. He noted that Nigerians in the diaspora come from all parts of the country and are keen to support the economy by sending money home.

“Remittances have made a big difference to how we have grown our reserves,” he said. “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.”

He added that the cooperation of state governors and other leaders would be crucial in sustaining this progress in the coming years.

The CBN governor said recent reforms have also made foreign exchange more accessible to ordinary Nigerians, especially those travelling abroad.

“When people travel now, you don’t have to look for foreign exchange to travel,” he said. “You use your naira card and pay for whatever you want. Now the naira is more competitive and people are not afraid to hold naira.”

Cardoso recalled that in the past, the naira was widely rejected in parts of the West African sub-region, but said that situation has changed. “In those days, if you went around West Africa and gave them naira, nobody wanted to touch it,” he said. “That has all gone now. There is predictability and you can plan.”

He warned Nigerians who are holding foreign currency without real need that such actions could lead to losses. “Those holding unnecessary foreign exchange reserves are losing money every day,” he said.

On the banking sector, Cardoso said ongoing recapitalisation efforts are strengthening banks and positioning them to support Nigeria’s long-term economic goals, including the ambition to build a $1 trillion economy.

“We all know how important the banking system is,” he said. “Banks are recapitalising, investors are earning positive real returns, and equity markets are recovering due to improved earnings and stability.”

He said the CBN is also working on clear succession rules to ensure smoother leadership transitions in banks and greater resilience during periods of uncertainty.

Cardoso said recent economic data shows signs of stability, pointing to GDP growth of 3.98 per cent, a strong current account position, and a $3.42 billion surplus recorded in the third quarter of 2025. “We haven’t had this kind of current account strength in a very long time,” he said.

He also noted that inflation has moderated to about 15.15 per cent, adding that the figures show that recent reforms are producing results.

According to him, the CBN has developed a roadmap for the period from 2026 to 2030, aimed at using macroeconomic stability to drive productivity and growth. “Without stability, there will be no growth,” Cardoso said. “If there is something positive that has come out of this, it is the fact that we now have stability.”

He explained that the roadmap focuses on reducing inflation, normalising the foreign exchange market, and strengthening the financial system. In simple terms, he said, the CBN plans to stay on course with current policies. “We will continue doing the things we have done,” he said.

Cardoso said key priorities include price stability through a gradual move towards inflation targeting, strengthening external reserves, and protecting the value of the naira. “We will do whatever it takes to safeguard the value of the naira,” he said.

He, however, warned that there are still risks that must be carefully managed. One of them, he said, is excess liquidity in the system. “There is still a lot of liquidity in the system and we must manage it very carefully,” he said. “We are not out of the woods yet.”

He also pointed to the election cycle as a possible risk, noting that large spending during election periods could threaten economic stability if not properly managed.

Cardoso stressed that monetary policy alone cannot solve all economic problems. “Monetary policy is necessary, but it is not enough on its own,” he said. “No central bank can sustainably deliver low inflation where issues like food supply shocks, high energy costs, and poor infrastructure continue to push prices up.”

He said lasting stability requires fiscal discipline, supply-side reforms, and strong cooperation among government institutions. “Monetary stability requires fiscal discipline and credibility,” he said. “Policy coherence is a strong anchor for stability.”

Cardoso said the CBN will continue to maintain a disciplined interest rate path, while fiscal authorities are expected to support policies that improve revenue, manage debt responsibly, and modernise public financial management.

He also stressed the importance of state governments, saying subnational governments control a large share of public revenue and can strongly influence inflation, growth, and overall economic stability. “Subnational governance can significantly affect macroeconomic outcomes,” he said.

The CBN governor urged state governments to align with national stability goals by investing in infrastructure, managing debt responsibly, and working with the financial system to expand access to credit and promote financial inclusion.

Looking ahead to 2030, Cardoso said success would mean single-digit inflation, growing foreign exchange reserves supported by non-oil exports, foreign investment, and remittances, as well as a strong and inclusive financial system. “Our view is that the future is looking bright,” he said.

In his welcome address, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, praised President Bola Ahmed Tinubu for the reforms carried out so far, saying they have improved the financial position of states and local governments.

“Today, a more united federation is gathered here because of the choices you made,” Bagudu said. “Your reforms have improved the fiscal condition of states and local governments, while much of the burden is borne by the Federal Government.”

He said the President’s focus on grassroots development reflects true federalism and has encouraged states to support national reforms.

Bagudu said members of the National Economic Council, representing the 36 states and the Federal Capital Territory, have actively participated in shaping reform measures and largely support the direction of the government. “Most of them, regardless of party, believe you are pursuing what the country needs,” he said.

He added that governors have been working closely with the Federal Government on key national issues, including security, infrastructure, fiscal and monetary coordination, and efforts to boost domestic production and curb oil theft.

Economy

Pension assets rise 51% to N31.48tn in two years, says PenCom DG

Published

19 hours ago

July 15, 2026

Admin

ADVERTISEMENT

Nigeria’s pension assets have risen by 51 per cent over the past two years, from N 20. 7 trillion to N 31. 48 trillion, while nearly one million new contributors have joined the Contributory Pension Scheme, Omolola Oloworaran, Director- General of the National Pension Commission (PenCom), said on Tuesday.

Oloworaran attributed the growth to renewed public confidence in the nation’s pension system, saying reforms introduced by the President Bola Tinubu administration had strengthened the industry’s credibility and expanded participation.

She disclosed this while briefing journalists at the Meet the Press session organised by the Presidential Communications Team at the Presidential Villa, Abuja.

According to her, pension assets increased by N 10. 7 trillion over the period, reflecting what she described as restored trust in the system.

“Every successful pension system on Earth is built on a simple foundation: confidence—confidence that contributions are safe, confidence that institutions work, confidence that after decades of honest labour, retirement will bring security, not uncertainty. Two years ago, that confidence needed restoring. Today, the verdict is in.

“Pension assets have grown from N 20. 7tn to N 31. 48tn as at this month. That is a 51 per cent increase, representing N 10. 7tn in new retirement wealth.

“Let me say plainly what those numbers mean: confidence is back, and the system is growing,” she said.

The PenCom boss noted that the growth was driven not only by improved investment performance but also by increased enrolment, with 938, 938,229 new contributors joining the Contributory Pension Scheme over the past 24 months.

She said the commission had also prioritised translating the growth in pension assets into improved welfare for retirees.

According to Oloworaran, aggregate monthly pension payments have risen by 22 per cent, increasing from N 12. 2 billion to N 14. 9 billion.

She further disclosed that following the implementation of the new national minimum wage, the Federal Government approved a N 32, 000 monthly consequential pension adjustment for eligible retirees of treasury- funded Ministries, Departments and Agencies who retired on or before July 29, 2024.

She said more than 195, 195,000 pensioners have already benefited from the upward review, describing it as part of the administration’s commitment to improving the welfare of retired public servants.

Economy

See Black Market Dollar To Naira Exchange Rate Today 14th July 2026

Published

1 day ago

July 14, 2026

EMMANUEL AGAJI

ADVERTISEMENT

The Black Market Dollar-to-Naira Exchange Rate for 14th July 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 14th July 2026?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1425 and buy at ₦1410 on Tuesday, 14th July, 2026, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1425
Buying Rate ₦1410
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1381
Lowest Rate ₦1378

Economy

Nigeria’s crude oil output hits 74-month high, beats OPEC quota

Published

3 days ago

July 13, 2026

Admin

ADVERTISEMENT

Nigeria’s crude oil production has climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.

Latest figures released on Sunday in Abuja by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s average crude oil production rose to 1.56 million barrels per day in June 2026, while condensate output stood at 0.18 million barrels per day, bringing total crude oil and condensate production to 1,735,398 barrels per day.

The production level represents 104 per cent of Nigeria’s 1.5 million barrels per day crude oil production quota approved by OPEC and marks the country’s highest crude oil output since April 2020, making it a 74-month high.

The figures, contained in the commission’s latest production report and conveyed in a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, showed that June also marked the fourth consecutive month of production growth, reinforcing the recovery of Nigeria’s upstream oil sector after years of production losses caused by crude theft, pipeline vandalism and operational disruptions.

The statement read, “Nigeria’s crude oil and condensate production soared to an average of 1,735,398 barrels per day in the month of June 2026, representing positive growth for a 4th consecutive month. In the month under review, crude oil production hit 1.56mbpd while 0.18mbpd of condensates was produced. This means Nigeria met 104 per cent of the 1.5mbpd crude oil production quota set by the Organisation of Petroleum Exporting Countries.”

According to the commission, total crude oil and condensate production increased from 1.700 million barrels per day recorded in May to 1.735 million barrels per day in June, representing a 2.2 per cent month-on-month increase.

The report showed that combined production had earlier stood at 1.483 million barrels per day in February before rising steadily to 1.564 million barrels per day in March, 1.663 million barrels per day in April, 1.701 million barrels per day in May and 1.735 million barrels per day in June.

The NUPRC attributed the improved performance to stable production activities across major oil-producing assets and the absence of significant pipeline outages during the review period.

“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.

“This enhanced operational stability supported improved production uptime and crude evacuation efficiency. Although a limited number of assets experienced short-duration operational shutdowns, the overall impact on national production was minimal.

“In addition, scheduled turnaround maintenance activities were effectively managed and completed without significant disruption to production operations.

“The sustained growth recorded in June reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.

The commission also disclosed that Nigeria’s highest daily combined crude oil and condensate production during the month reached 1.89 million barrels per day, while the lowest daily production stood at 1.57 million barrels per day.

The peak production level underscores Nigeria’s growing potential to achieve the Federal Government’s medium-term ambition of producing two million barrels of oil per day, a target that has remained elusive for years due to insecurity in oil-producing communities, crude theft and ageing infrastructure.

An analysis of production by export terminals showed that Bonny Terminal retained its position as Nigeria’s highest-producing terminal, recording an average daily production of 318,280 barrels, compared with 293,880 barrels in May.

Forcados Terminal ranked second with 306,360 barrels per day, up from 289,900 barrels recorded in the previous month.

However, production at Qua Iboe Terminal declined to 164,730 barrels per day from 173,360 barrels per day in May.

Similarly, Escravos Terminal recorded a slight increase to 138,030 barrels per day, compared with 135,470 barrels per day in the previous month, while Bonga Terminal maintained steady output, producing 103,660 barrels per day, slightly above the 102,540 barrels per day recorded in May.

The sustained production growth is expected to strengthen Nigeria’s oil export earnings, improve foreign exchange inflows and provide additional fiscal revenues for the Federal Government at a time authorities are seeking to increase crude output and attract fresh investment into the upstream sector.

Nigeria has struggled in recent years to meet its OPEC production allocation because of widespread crude oil theft, pipeline vandalism, underinvestment and prolonged operational challenges.

However, reforms introduced under the Petroleum Industry Act, enhanced security around critical oil infrastructure and closer collaboration between government agencies and oil producers have contributed to the gradual recovery in production.

Maintaining production above the OPEC quota and sustaining operational stability will be critical if Nigeria is to realise its target of producing two million barrels per day and maximise the benefits of favourable global oil market conditions.