Nigeria’s foreign exchange reserves have climbed to $48.5 billion, the highest level since May 2013, underscoring a sustained rebuilding of the country’s external buffers.
Data from the Central Bank of Nigeria (CBN) shows the current reserve position is the strongest since May 14, 2013, when reserves stood at approximately $48.51 billion.
The latest figures signal a steady upward trajectory that began in the closing weeks of 2025 and has extended into early 2026, reinforcing expectations of improved macroeconomic stability.
Nigeria ended 2025 with reserves of about $45.5 billion, up from roughly $40.8 billion at the start of the year — a year-on-year increase of nearly $4.7 billion. The growth reflects stronger foreign exchange inflows, policy adjustments, and tighter liquidity management by the apex bank.
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Reserves opened January 2026 at $45.565 billion and closed the month at $46.279 billion, marking a gain of over $700 million within four weeks. In the first 22 days of January alone, reserves rose by about $509 million, highlighting sustained inflows and improved foreign exchange liquidity conditions.
The reserves crossed the $46 billion threshold in January for the first time in about eight years and moved above $47 billion by February 11 — also the first time in roughly eight years. By mid-February, the figure had strengthened further to $48.5 billion, consolidating upward momentum and marking a near 13-year high.
The rebuilding phase began in late December 2025, when reserves increased from approximately $44.8 billion to $45 billion, then considered a six-year high. Since December 19, 2025, the reserve curve has maintained a measured but consistent upward climb.
The rebound follows a series of reforms aimed at enhancing foreign exchange transparency and improving liquidity management. It also comes after years of pressure on external reserves driven by oil price volatility, capital flow reversals, and currency management challenges.
Analysts note that the steady rise in reserves strengthens Nigeria’s import cover position and enhances its capacity to meet external obligations.
The CBN projects reserves could reach $51 billion by the end of 2026 as part of its broader macroeconomic stabilization and confidence-restoration strategy. The target forms part of a medium-term plan to reinforce balance-of-payments resilience, moderate currency volatility, and boost investor confidence.
Sustained inflows and disciplined reserve management, the apex bank says, will be critical to achieving that goal.
