Nigeria’s foreign exchange reserves have climbed to $48.5 billion, marking their highest level since May 2013. This growth signals a steady rebuilding of the country’s external financial buffers.
Recent data from the Central Bank of Nigeria (CBN) shows that the current reserve level is the strongest since May 14, 2013, when reserves stood at $48.51 billion.
The upward trend began in late 2025 and has continued into early 2026, boosting expectations for improved macroeconomic stability. This progress is supported by stronger foreign exchange inflows and tighter liquidity management by the CBN.
Key Data Highlights
- 2025 Reserve Growth: Reserves ended 2025 at $45.5 billion, up from $40.8 billion at the start of the year—a year-on-year increase of $4.7 billion. This growth reflects improved foreign exchange inflows, policy reforms, and disciplined reserve management.
- January 2026 Gains: Reserves opened January at $45.565 billion and closed the month at $46.279 billion, gaining over $700 million in four weeks.
- Mid-February Milestone: By February 11, reserves surpassed $47 billion for the first time in eight years. By mid-February, they reached $48.5 billion—the highest level in nearly 13 years.
Rebuilding Phase and Broader Context
The rebuilding of exchange reserves began in late December 2025, when levels rose from $44.8 billion to $45 billion—a six-year high. This marked the start of a sustained accumulation cycle after years of volatility caused by oil price fluctuations, capital flow reversals, and currency management challenges.
Since December 19, 2025, reserves have steadily increased, driven by reforms to improve foreign exchange transparency and liquidity management. This recovery strengthens Nigeria’s ability to cover imports and meet external obligations.
Looking Ahead
The Central Bank of Nigeria projects exchange reserves could reach $51 billion by the end of 2026. This target aligns with its broader strategy to stabilize the economy and restore investor confidence.
Key goals of the strategy include:
- Strengthening balance-of-payments resilience.
- Reducing currency volatility.
- Enhancing foreign exchange inflows through disciplined reserve management.
Achieving this target will require sustained inflows and continued policy discipline
