External Reserves Rises to $47bn, Highest Since 2018

Nigeria’s external reserves have risen above $47 billion, their highest level since 2018, signaling renewed strength in the country’s external position and boosting confidence in the Central Bank of Nigeria’s (CBN) outlook.

Latest data show reserves at $47.025 billion, surpassing the previous high of $47.01 billion recorded in August 2018. The steady climb began in late 2025 and has continued into early 2026.

Reserves closed 2025 at $45.5 billion, up from $40.8 billion at the start of the year, reflecting an annual accretion of $4.7 billion. In January 2026 alone, reserves gained more than $700 million, crossing the $46 billion mark for the first time in eight years.

Analysts attribute the rise to improved crude oil production, stronger export earnings, enhanced FX reforms, and renewed investor confidence. Multilateral and bilateral inflows, alongside robust remittance flows, have also supported the build-up.

The CBN has described the reserve accumulation as part of its broader macroeconomic stabilisation strategy. The bank is targeting $51 billion in reserves by the end of 2026, a goal now seen as achievable if current momentum is sustained.

“The consistent rise since December 2025 signals that Nigeria’s external buffers are being rebuilt at a measured but steady pace,” one analyst noted, adding that stronger reserves improve the CBN’s ability to manage exchange rate volatility.

The reserves milestone comes as the CBN reintroduces Bureau de Change operators into the official FX market with capped weekly allocations, part of reforms aimed at improving liquidity and transparency.