Nigeria’s foreign reserves hit $49bn

… as CBN, NCC propose suspension of airtime, data sales during network outages

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s external reserves rose to about $49 billion as of February 5, 2026, describing the development as a strong signal of improving investor confidence in the economy.

This came as the CBN and the Nigerian Communications Commission (NCC), in an exposure draft of a joint CBN–NCC framework on failed airtime and data transactions released on Monday, proposed new measures aimed at curbing transaction failures.

The proposals include instant reversals, real-time transaction tracking, and a mandatory suspension of airtime and data sales during network downtimes.

ALSO READ: UPDATED: Nigeria’s foreign reserves surge to $46.7bn, highest since 2018 — CBN

Cardoso spoke on Monday in Abuja at the second edition of the National Economic Council (NEC) Conference, where he said the growth in reserves represents a 4.93 per cent increase from the last reported figure of $46.7 billion, marking a significant turnaround from the period when the current CBN leadership assumed office.

“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 said.

He explained that the apex bank now allows the foreign exchange market to largely determine prices, while intervening mainly to purchase forex when necessary.

According to him, the approach has helped narrow the gap between the official and parallel market rates.
“The premium between the official and parallel market rates has collapsed to under two per cent,” he said.

Cardoso also attributed the stronger reserves position to increased remittances from Nigerians in the diaspora, noting that the CBN has engaged with Nigerians abroad and introduced measures that make it easier to remit funds into the country.

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

“The diaspora comes from every single state represented here. We have engaged with them and made it easier for them to remit money back to Nigeria.”

He further recalled that the naira was previously rejected in parts of the West African sub-region, but said the narrative has changed due to improved stability.

“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.”

Cardoso warned Nigerians holding foreign currency without a genuine need that such behaviour could result in losses.

“Those holding unnecessary foreign exchange reserves are losing money every day,” he said.

On the banking sector, he said the ongoing recapitalisation programme is strengthening financial institutions and positioning them to support Nigeria’s long-term growth objectives, including the ambition to build a $1 trillion economy.

Meanwhile, the proposed CBN–NCC draft framework defines failed transactions as cases where a subscriber’s account is debited without the successful delivery of airtime or data. It applies to all stakeholders in the airtime and data transaction ecosystem.

Under the draft, banks, mobile network operators (MNOs), merchants, and NCC-authorised licensees would be required to implement automatic reversals of failed transactions to ensure customers are promptly refunded where accounts are debited without service delivery.