Nigeria’s external reserves have crossed the $46 billion mark for the first time in nearly eight years, reflecting steady accumulation since 2025 and improved foreign exchange management.
According to data released by the Central Bank of Nigeria (CBN) on January 22, 2026, the reserve build-up strengthens Nigeria’s buffers for import cover and currency stability as the country heads into a pre-election year. The last time reserves were at this level was August 2018, when they stood at $45.9 billion.
CBN data shows reserves closed 2025 at about $45.5 billion, up from $40.8 billion at the start of the year. In January 2026 alone, reserves have risen by about $509 million in 22 days, extending gains recorded since December 2025.
The improvement coincides with a firmer naira, as sustained reserve growth supported exchange-rate stability in both the official and parallel markets. Reserve accretion has been driven by increased inflows, repatriation of export proceeds, and growing confidence in the FX market, which encouraged businesses to convert dollars to naira.
At current levels, Nigeria’s reserves are estimated to cover about 15 months of goods imports, or roughly 10 months including services, improving the country’s ability to meet external obligations and absorb economic shocks.
Looking ahead, the CBN projects external reserves of $51 billion by the end of 2026, supported by higher oil earnings, bond issuances, diaspora remittances, and expanding domestic refining capacity. Analysts, however, caution that sustained FX stability will depend on narrowing the gap between official and parallel exchange rates and maintaining reform momentum.
