Nigeria’s foreign reserves hit $48.5bn, highest since 2013
Nigeria’s exchange reserves have climbed to $48.5 billion, their highest level since mid-May 2013, signaling a sustained rebuilding of the country’s external buffers.
According to recent checks by Nairametrics on the Central Bank of Nigeria’s (CBN) database, the current reserve position represents the strongest balance since May 14, 2013, when reserves stood at about $48.51 billion.
The milestone reflects a steady upward trajectory that began in the closing weeks of 2025 and has continued into early 2026, reinforcing expectations of improved macroeconomic stability.
The development comes amid improving foreign exchange inflows and tighter liquidity management by the Central Bank of Nigeria.
What the data is saying
Nigeria’s foreign exchange 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, 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.
Get up to speed
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. That threshold signalled the start of a more sustained accumulation cycle after years of volatility.
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.
What you should know
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.
The $51 billion projection forms part of a medium-term strategy to strengthen balance-of-payments resilience.
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.
