Nigeria’s foreign reserves have crossed the $55 billion mark, reaching their highest level in more than 18 years, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.

Cardoso disclosed the development at a news conference in Abuja on Tuesday, following the 307th meeting of the Monetary Policy Committee (MPC). He attributed the reserve growth to consistency and discipline in the CBN’s approach, alongside contributions from Nigerians in the diaspora.

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“We have been able to rebuild our reserves. We know that today, the reserves have crossed US$55 billion – the highest number in over 18 years. That’s a big thing. It’s come through consistency and discipline in approach. In addition to that is the whole issue of diaspora contributions,” Cardoso said.

The CBN governor also highlighted changes in Nigeria’s foreign exchange market, saying reforms had helped narrow the gap between previously multiple exchange rates. He described the former system as dysfunctional, arguing that access and personal connections often determined the rates available to market participants.

“What has happened is that we have succeeded in closing that gap. It is not fair for some people to profit at the expense of others,” he said.

Cardoso further stated that losses associated with the former foreign exchange subsidy arrangements were estimated at about 2.2 per cent of Nigeria’s Gross Domestic Product (GDP), describing the figure as significant.

At the same MPC meeting, the committee recalibrated the asymmetric corridor around the Monetary Policy Rate (MPR) to +50/-300 basis points. Cardoso said the adjustment was an operational reset designed to improve monetary policy transmission and support the transition to an inflation-targeting framework, rather than a change in the committee’s current policy stance.

The MPC also reduced the MPR by 350 basis points to 23 per cent from 26.5 per cent. It retained the Cash Reserve Requirement (CRR) at 45 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, while maintaining the 75 per cent CRR on non-Treasury Single Account public-sector deposits.

The latest reserve milestone follows an earlier increase to $54.08 billion as of September 3, 2026. The reported $55 billion-plus level also exceeds the CBN’s earlier projection of approximately $51.04 billion for the end of 2026.