The Central Bank of Nigeria (CBN) has announced that the nation’s gross external reserves reached $50.45 billion by mid-February 2026, marking the highest level in over a decade. This fiscal milestone coincides with significant progress in the banking sector’s recapitalisation programme, where 20 banks have now fully met the new minimum capital requirements.
Governor Olayemi Cardoso disclosed these figures following the conclusion of the 304th Monetary Policy Committee (MPC) meeting in Abuja. The reserve accretion, the highest in 13 years, is being driven by a combination of favourable trade developments, a healthy current account surplus, and a surge in non-oil exports and Diaspora remittances. Cardoso attributed the stabilisation of the economy to the ongoing effects of contractionary monetary policy and a newfound consistency in the foreign exchange market.
The banking sector’s transformation remains a focal point of the regulator’s agenda. According to official statements from the CBN, the total verified capital raised as of February 19, 2026, stands at ₦4.05 trillion. This capital injection is characterised by a balanced mix of ₦2.90 trillion in domestic mobilisation and $706.84 million in foreign participation, reflecting a 71.67% to 28.33% split. Cardoso noted that 13 additional banks are at advanced stages of their capital-raising processes and are expected to conclude before the regulatory deadline.
"The CBN remains actively engaged with all relevant stakeholders to ensure orderly and credible outcomes, while maintaining financial stability," Cardoso stated during the briefing. He emphasised that for institutions currently under regulatory intervention, depositor funds remain secure and operations continue under close oversight. This reassurance comes as the bank integrates stricter cybersecurity and operational risk standards for fintechs to match the traditional banking sector’s resilience.
Despite the positive momentum, the Governor urged stakeholders to maintain discipline. The MPC’s current stance focuses on anchoring inflation expectations and protecting the financial system's resilience to promote long-term growth. With 20 banks already cleared, the regulator is evaluating strategic options, including consolidation, for those still finalising their plans. The shift indicates a transition toward a more robust and globally competitive financial landscape for Nigeria.