Lagos, Nigeria – Nigeria’s foreign exchange reserves have climbed to $48.5 billion, their highest level since mid-May 2013, signalling a sustained rebuilding of the country’s external buffers amid improving inflows and tighter liquidity management.
Okay News reports that checks on the Central Bank of Nigeria’s database show the current reserve position represents the strongest balance since May 14, 2013, when reserves stood at about $48.51 billion. The reserves ended 2025 at approximately $45.5 billion, up from about $40.8 billion at the start of the year. The year-on-year increase of nearly $4.7 billion reflects stronger foreign exchange inflows, policy reforms, and more disciplined reserve management.
Reserves opened 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, reserve levels rose by about $509 million. The 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 a first in roughly eight years. By mid-February, they had extended further to $48.5 billion, consolidating the upward momentum.
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 foreign reserves due to oil price volatility, capital flow reversals, and currency management challenges, making the current recovery particularly significant.
The apex bank has projected that reserves could reach $51 billion by the end of 2026 as part of its broader macroeconomic stabilisation and confidence-restoration agenda. The target underscores its commitment to reinforcing external buffers and sustaining foreign exchange reforms. The strategy is aimed at moderating currency volatility and improving investor sentiment. Sustaining inflows and disciplined reserve management will be critical to meeting the target. The steady climb in foreign reserves is strengthening Nigeria’s import cover position and enhancing its ability to meet external obligations.
