Prime Business Africa
On February 24, Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), said the country’s external reserves have reached $50.45 billion.
According to historical data from CBN’s foreign exchange reserves, the figure should be the highest level in 17 years.
Join our WhatsApp ChannelHowever, checks by Prime Business Africa (PBA) showed that Nigeria’s foreign reserves did not reach $50.45 billion on February 24, nor did it ever cross $50 billion last month as claimed by Cardoso.
On February 24, the external reserves were $49.39 billion, at the start and end of the same month, the foreign exchange reserves were $46.59 billion and $49,69 billion — which was also the highest level in the month — respectively.
From the first quarter (Q1) 2026 data provided by the CBN, PBA gathered that the external reserves did not hit or cross $50 billion until March 10, when it reached $50.01 billion, and rose further to $50.02 billion the next day, but started declining on March 12.
Also, the $50 billion mark was attained about two weeks after Cardoso made the claim, not before.
Since hitting $50.02 billion, the foreign exchange reserves have depreciated by $197.59 million, according to Prime Business Africa’s analysis, to $49.83 billion as of March 17.
Prior to crossing the $50 billion on March 10, the last time the foreign exchange reserves were above this level was on January 26, 2009, at $50.58 billion.
Verdict: Based on the CBN data, the external reserves have not reached $50.45 billion in 2026 as claimed by Cardoso, and did not hit the $50 billion mark before his claim.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
