Nigeria’s foreign reserves have hit a 6-year high, reaching a peak of $46.01 billion as of January 22, 2026.
Data released by the Central Bank of Nigeria (CBN) confirmed a steady accretion of buffers, reflecting a 0.3% increase from the $45.86 billion recorded just seven days prior.
This milestone underscores the effectiveness of ongoing foreign exchange reforms and a resurgence in crude oil production.
The surge to $46.01 billion represents the highest level of external reserves since 2019.
Nigeria’s foreign reserves increased steadily by 0.99 percent or $450 million year-to-date, from $45.56 billion reported on January 1 to $46.01 billion on January 22.
Further checks showed that the FX reserves figure was $45.98 billion on January 21.
According to the CBN, FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.
On December 22, 2025, the apex bank projected that the country’s external reserves would rise to $51.04 billion in 2026, saying the increase would be supported by FX reforms.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.
Financial analysts suggest that the reason Nigeria’s foreign reserves hit a 6-year high was due to improved security in the Niger Delta, which has pushed crude oil production toward 1.7 million barrels per day (mbpd), and a significant rise in diaspora remittances.
The rise also comes despite volatility in the global crude oil market.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), crude oil prices stood at $63.21 per barrel as of January 22, 2026, up from $61.01 at the close of 2025. The current price is marginally below the 2026 budget benchmark of $64–$64.85 per barrel.
Crude oil remains Nigeria’s dominant source of foreign exchange, accounting for about 90 per cent of forex earnings.
Other contributing factors include external borrowings by the federal government, received in foreign currency, and a sharp decline in fuel imports following domestic refining improvements, which have eased pressure on the foreign exchange market and the nation’s reserves.
Vice Chairman of Highcap Securities Limited, Mr. David Adnori, said the recent build-up in reserves reflected structural improvements in Nigeria’s economic management, particularly in the oil and gas sector.
“Several factors have been responsible for this development,” Adnori said.
“First is the fact that our oil output has improved significantly from what it used to be, and crude oil and gas continue to dominate our foreign exchange earnings.”
He also pointed to improved governance at the Nigerian National Petroleum Company Limited (NNPCL).
“Secondly, we now have a much better-managed NNPCL. There is greater sanity and transparency in the system, and that has played a role,” he said.
Adnori added that rising investor confidence, driven by broader macroeconomic reforms, has boosted foreign exchange inflows from autonomous sources.
