Nigeria’s external reserves have risen above $47 billion for the first time in about eight years, signalling strengthening external buffers and reinforcing confidence in the Central Bank of Nigeria’s medium-term outlook.
Latest data show gross reserves climbed to $47.025 billion — the highest since August 3, 2018, when they stood at $47.01 billion — extending a steady upward trend that began in late 2025.
Reserves closed 2025 at about $45.5 billion, up from roughly $40.8 billion at the start of the year, representing an accretion of nearly $4.7 billion. Momentum continued into 2026, with reserves rising from $45.565 billion at the start of January to $46.279 billion by month-end — a gain of more than $700 million — and crossing the $46 billion mark for the first time in eight years.
The consistent build-up has now pushed reserves past the $47 billion threshold, reflecting improved inflows and tighter foreign exchange management. Analysts attribute the increase to stronger crude oil output and export earnings, ongoing FX market reforms, improved investor sentiment, multilateral and bilateral funding inflows, and resilient remittance flows.
The rebound suggests a more stable external sector compared to previous periods of pressure and brings the CBN’s medium-term reserve target of $51 billion by end-2026 into sharper focus.
What you should know
- Reserves are at their highest level since August 2018.
- They rose from about $40.8bn to $45.5bn in 2025.
- January 2026 recorded an increase of over $700m.
- Sustained accumulation could support exchange rate stability and external obligation management.
