Economy

Nigeria’s foreign reserves hit $49bn

Published

7 months ago

February 10, 2026

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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

Black Market Dollar To Naira Exchange Rate Today 8th September 2026

Published

9 hours ago

September 8, 2026

EMMANUEL AGAJI

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Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)

The Black Market Dollar-to-Naira Exchange Rate for 8th September 2026 Can Be Accessed Below.

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.

The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 8th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1395 on Tuesday, 8th September, 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 ₦1405
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326

Economy

See Dollar to Naira exchange rate today, September 7, 2026

Published

2 days ago

September 7, 2026

EMMANUEL AGAJI

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The dollar-to-naira exchange rate opened the new week with the naira trading at about ₦1,321.68 per US dollar at the official rate, while the parallel market rate stood at ₦1,390 per dollar for buying and ₦1,400 for selling, according to available market data.

The latest available NFEM figure for September 7 puts the official exchange rate at ₦1,321.68 to the dollar. However, the Central Bank of Nigeria’s published NFEM table shows September 4 as the latest dated trading entry, with a rate of ₦1,321.2160 per dollar. The September 7 figure should therefore be treated as the latest available indicative rate rather than a confirmed CBN trading close.

At the parallel market, Aboki Forex reported a buying rate of ₦1,390 and a selling rate of ₦1,400 per dollar. This means a person selling $1 could receive about ₦1,390, while buying $1 could cost approximately ₦1,400. Actual rates may vary by dealer, location and transaction size.

The difference between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. For $100, the indicative official equivalent is approximately ₦132,168, while buying $100 at the parallel-market selling rate would cost about ₦140,000.

The naira’s performance remains closely watched by importers, businesses, travellers and Nigerians receiving or sending foreign currency. However, the parallel market is separate from the regulated official market, and the two rates should not be treated as interchangeable.

Rates can change during the day, so anyone exchanging currency should confirm the current quote with a bank, licensed Bureau de Change or trusted dealer before completing a transaction.

Economy

FG Can’t Account For ₦33.75 Billion Cash Transfers To Vulnerable Nigerians – Auditor-General

Published

3 days ago

September 6, 2026

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The Office of the Auditor-General for the Federation (OAuGF) has raised concerns over ₦33.75 billion transferred to more than 3.29 million households under the Federal Government’s social intervention programme, saying auditors could not obtain sufficient records to verify that the payments reached genuine beneficiaries.

According to Punch, the finding was contained in the Auditor-General for the Federation’s 2024 Annual Report on Non-Compliance/Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government.

The audit, which examined transactions carried out by the National Cash Transfer Office in Abuja during the 2023 financial year, raised eight separate queries involving billions of naira and highlighted deficiencies in the agency’s financial controls.

According to the report, ₦33.751 billion was electronically transferred to 3,295,207 households and beneficiaries selected from the National Social Register and enrolled on the National Beneficiary Register across 35 states.

Auditors, however, said the documentation presented for examination was insufficient to establish the identities of those who actually received the money.

The report said payment vouchers accompanying the ₦33.75 billion transactions lacked complete beneficiary information.

More importantly, auditors said they were unable to examine the Remita statement needed to compare recipients of the transfers with names contained in the government’s beneficiary registers.

The report stated, “The paid vouchers for the payments above did not contain the full details of the beneficiaries.

“REMITA statement showing record of the beneficiaries paid as against those listed on the NSR and NBR was not presented for audit. This hindered the authentication of the payments and made it difficult to ascertain whether the beneficiaries who received the funds were genuine.

“All efforts to obtain access to the REMITA statement were obstructed and denied by NTCO accounts staff, thereby frustrating the audit process.”

Consequently, the audit flagged the possibility of payments being made to fictitious or otherwise ineligible beneficiaries, as well as the potential loss of government funds.

The Auditor-General recommended that the National Programme Manager appear before the relevant Public Accounts Committees of the National Assembly to account for the expenditure and produce evidence showing that the intended beneficiaries received the funds.

Where satisfactory evidence cannot be provided, the report recommended recovery of the affected amount and its remittance to the Treasury.

It added that the management of the NTCO did not respond to the audit query.

A separate finding questioned ₦36.744 billion paid through 215 vouchers in December 2023 without undergoing the required prepayment audit.

The transactions, which the report identified as SS, IDA and output-based payments, were processed before being examined by the Internal Audit Unit.

“None of the paid vouchers were pre-audited or checked by the Internal Audit as required by extant regulations,” the report stated.

Instead, internal auditors reviewed the transactions after the payments had already been completed.

The Auditor-General said the procedure exposed public funds to possible misapplication or diversion and recommended that officials account for the ₦36.74 billion before the National Assembly.

Auditors also queried 101 transactions worth ₦4.616 billion after the NTCO failed to provide the corresponding paid vouchers for examination.

The payments were made from the agency’s S&S/IDA Cash Book for various expenditures. Without the vouchers, auditors said they could not adequately scrutinise the spending, prompting another recommendation that the money be accounted for or recovered and returned to the Treasury.

Another issue involved funds released to states for the enrolment of beneficiaries without bank accounts. The report said 32 payments totalling about ₦3.09 billion were made for the exercise.

While documents relating to ₦2.74 billion disbursed to 34 states were presented, auditors said they could not account for the remaining ₦350.18 million.

Even for some of the expenditure presented for inspection, the audit found that the supporting vouchers did not sufficiently explain how the money was spent.

Documents such as beneficiary lists, attendance registers, photographs, enrolment reports and acknowledgements from recipients were also missing.

The Auditor-General recommended recovery of the ₦350.18 million if officials could not satisfactorily account for it.

The report also scrutinised ₦393.71 million reportedly returned by nine State Cash Transfer Units after planned enrolment exercises could not be conducted.

According to the NTCO, insecurity, disasters and other circumstances prevented the affected states from carrying out the exercises, leading to the unused funds being returned to the Treasury in 2023.

Auditors, however, said evidence confirming that the money reached the Consolidated Revenue Fund was not produced.

“No documents were presented by NCTO to confirm that the amount refunded… was credited into the CRF,” the report stated.

It said Remita inflow statements and relevant payment slips that could establish the refund were unavailable. The auditors also found no evidence showing that the affected enrolment exercises were subsequently conducted.

The Auditor-General raised another query over ₦280.42 million paid as mobilisation fees to Payment Service Providers contracted to operate platforms for transferring funds to beneficiaries.

The sum represented a 30 per cent advance payment, but auditors said it was released without an Advance Payment Guarantee.

Questions were also raised about the procurement process used to engage the companies.

According to the report, their files contained no records of pre-qualification, bidding or technical and financial evaluation to demonstrate compliance with procurement requirements.

The audit warned of the risk of paying for unexecuted jobs and recommended recovery of the N280.42m.

Auditors also discovered that goods worth ₦89.51 million purchased by the NTCO were not recorded in its store ledger.

The relevant payment vouchers lacked Store Receipt Vouchers and Store Issue Vouchers needed to track the movement of the items.

More significantly, the audit found that the agency’s store ledger had not been updated since 2020.

The final issue concerned ₦17.42 million spent on diesel through cash advances issued to members of staff.

Auditors faulted the arrangement, saying purchases exceeding the ₦200,000 procurement threshold should have gone through the appropriate contract process.

The report said the items purchased could not be physically sighted or traced to the stores.

It also estimated that the procurement approach denied the Federal Government about ₦2.18 million in Value Added Tax and Withholding Tax.

Across all eight findings, the Auditor-General said the management of the National Cash Transfer Office did not respond to the audit queries.

The report consequently called for explanations, supporting documentation and, where officials fail to satisfactorily account for the affected expenditure, recovery of the funds to the Federal Government’s Treasury.