diff --git a/ci/docker-rust-nightly/Dockerfile b/ci/docker-rust-nightly/Dockerfile
index 75fb15a887..9a3a7973c6 100644
--- a/ci/docker-rust-nightly/Dockerfile
+++ b/ci/docker-rust-nightly/Dockerfile
@@ -1,4 +1,4 @@
-FROM solanalabs/rust:1.58.1
+FROM solanalabs/rust:1.59.0
 ARG date
 
 RUN set -x \
diff --git a/ci/docker-rust/Dockerfile b/ci/docker-rust/Dockerfile
index a5e14994c5..7238a1615a 100644
--- a/ci/docker-rust/Dockerfile
+++ b/ci/docker-rust/Dockerfile
@@ -1,6 +1,6 @@
 # Note: when the rust version is changed also modify
 # ci/rust-version.sh to pick up the new image tag
-FROM rust:1.58.1
+FROM rust:1.59.0
 
 # Add Google Protocol Buffers for Libra's metrics library.
 ENV PROTOC_VERSION 3.8.0
diff --git a/ci/rust-version.sh b/ci/rust-version.sh
index 04a69cc366..5926edb371 100644
--- a/ci/rust-version.sh
+++ b/ci/rust-version.sh
@@ -18,13 +18,13 @@
 if [[ -n $RUST_STABLE_VERSION ]]; then
   stable_version="$RUST_STABLE_VERSION"
 else
-  stable_version=1.58.1
+  stable_version=1.59.0
 fi
 
 if [[ -n $RUST_NIGHTLY_VERSION ]]; then
   nightly_version="$RUST_NIGHTLY_VERSION"
 else
-  nightly_version=2022-01-21
+  nightly_version=2022-02-24
 fi
 
 
diff --git a/scripts/coverage.sh b/scripts/coverage.sh
index ec6b46373c..39216d3177 100755
--- a/scripts/coverage.sh
+++ b/scripts/coverage.sh
@@ -10,7 +10,7 @@ if ! command -v grcov; then
   exit 1
 fi
 
-if [[ ! "$(grcov --version)" =~ 0.[678].[0124] ]]; then
+if [[ ! "$(grcov --version)" =~ 0.8.[0-9] ]]; then
   echo Error: Required grcov version not installed
 
   echo "Installed version: $(grcov --version)"