Nigeria’s external reserves have climbed above the $46 billion mark for the first time in nearly eight years, underscoring a sustained improvement in the country’s foreign exchange position since the launch of FX reforms in 2025.
Latest data from the Central Bank of Nigeria (CBN), dated January 22, 2026, show that reserves reached $46 billion, a level last recorded on August 27, 2018, when they stood at $45.9 billion.
The milestone reflects steady inflows and tighter foreign exchange management, strengthening buffers for import cover and currency stability as the country enters a politically sensitive pre-election year.
Data indicate that reserves closed 2025 at about $45.5 billion, after opening the year at roughly $40.8 billion. At the same time in early 2025, reserves had dipped below $40 billion, shedding about $842 million as the new FX regime took hold.
In contrast, reserves have risen by about $509 million in the first 22 days of January 2026 alone and have been on a consistent upward trajectory since December 19, 2025.
The sustained build-up has coincided with a strengthening exchange rate. While the official market earlier traded near N1,553 per dollar and the parallel market around N1,645, recent data show the official rate closing at about N1,421 per dollar, with the parallel market near N1,490.
Nairametrics reported in December 2025 that reserves had reached $45 billion, then a six-year high. Since then, the upward momentum has continued into early 2026, with reserves rising by more than $1 billion within weeks.
Reliable market sources suggest Nigeria’s net external reserves are now above $30 billion, although the CBN does not publish unaudited net reserve figures.
The reserve accretion has been supported by increased repatriation of funds from the Nigerian National Petroleum Company (NNPC), improved compliance by exporters returning offshore proceeds, and a more stable FX environment that encouraged businesses to convert dollars to naira. Forex-to-naira conversions were estimated at $1 billion monthly in 2025.
The improved position has strengthened Nigeria’s capacity to defend the naira, meet external obligations and manage balance-of-payments pressures. Nairametrics estimates that at $46 billion, reserves can cover about 15 months of goods imports, or roughly 10 months when services are included.
However, concerns persist around rising dollarisation, particularly in sectors such as real estate, and the potential for FX pressure from election-related spending later in the year.
The CBN has maintained an optimistic outlook, projecting external reserves of $51.04 billion by the end of 2026, up from $45.01 billion in 2025. Expected inflows include higher oil earnings, sovereign bond issuance and increased diaspora remittances.
The Dangote Refinery’s planned expansion from 650,000 barrels per day to 700,000 barrels per day in 2026, and to 1.4 million barrels per day in the medium term, is also expected to support reserve growth.
Despite the gains, analysts caution that sustained FX stability will depend on narrowing the widening gap between official and parallel market rates and maintaining reform momentum in the months ahead.
