Nigeria’s foreign reserves have soared to $48.5bn, marking their highest level since 2013.
This was revealed according to data from the Central Bank of Nigeria (CBN). The data confirmed a steady upward trajectory that has seen the nation’s external buffers grow by nearly $8 billion since the start of 2025.
The data also revealed that Nigeria’s foreign reserves increased steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion reported on January 1 to $48.5 billion.
Nigeria’s foreign reserves soared to $48.5bn as the Naira recently stabilized at approximately ₦1,338 per dollar in the official market.
Pan-Atlantic Kompass reports that Nigeria’s foreign reserves opened in January 2026 at $45.565 billion and closed the month at $46.279 billion, marking a gain of more than $700 million within four weeks.
Within the first 22 days of January alone, Nigeria’s foreign reserve levels rose by about $509 million, highlighting sustained inflows and strengthening foreign exchange liquidity conditions.
Reserves crossed the $46 billion mark 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, reserves had extended further to $48.5 billion, consolidating the upward momentum and marking the highest level in nearly 13 years.
The rebuilding phase can be traced to 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 slope.
The steady rise followed a period of reforms aimed at improving foreign exchange transparency and liquidity management.
The broader context includes years of pressure on external reserves due to oil price volatility, capital flow reversals, and currency management challenges, making the current recovery particularly significant.
The steady climb in reserves is strengthening Nigeria’s import cover position and enhancing its ability to meet external obligations.
The apex bank has projected that reserves could reach $51 billion by the end of 2026 as part of its broader macroeconomic stabilization and confidence-restoration agenda. This target underscores its commitment to reinforcing external buffers and sustaining foreign exchange 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.
On February 10, Olayemi Cardoso, governor of CBN, said the bank will do “whatever it takes” to safeguard the value of the naira, while strengthening the country’s external reserves.
