Nigeria’s FX Reserves Hits $46bn, Highest in Eight Years
Nigeria’s foreign exchange (FX) reserves have climbed to a significant milestone, hitting $46.01 billion as of January 22, 2026. This figure represents the highest level the country’s external reserves have reached in nearly eight years, dating back to August 27, 2018.
Data obtained from the Central Bank of Nigeria (CBN) indicates a steady upward trajectory since the beginning of the year. The reserves grew by approximately $450 million (0.99%) year-to-date, rising from the $45.56 billion recorded on January 1 to cross the $46 billion threshold this week.
The latest accretion follows a positive trend observed throughout 2025. The CBN noted that the reserves were bolstered by a balance of payments surplus of $5.8 billion in the previous year, which helped push the figures from $40.19 billion in 2024 to an estimated $45.01 billion by the end of 2025.
The apex bank remains bullish about the nation’s financial buffer. In a projection released on December 22, 2025, the CBN estimated that external reserves could surge further to $51.04 billion before the end of 2026.
The bank attributes this potential growth to ongoing foreign exchange market reforms designed to sustain exchange rate stability and attract capital.
CBN Governor Olayemi Cardoso, speaking earlier in December, described the gains as a reflection of “renewed confidence in the economy and improved stability in the foreign exchange market.”
Foreign exchange reserves are assets held on reserve by a monetary authority in foreign currencies. They are used to back liabilities and influence monetary policy, providing a critical buffer for the economy against external shocks.
