Nigeria’s external reserves have reached $48.5 billion, marking their strongest level in roughly 13 years.
Figures published by the Central Bank of Nigeria (CBN) show that the last time reserves were at a similar level was on May 14, 2013, when they stood at about $48.51 billion.
The latest data indicate a steady build-up in reserves since the start of the year. From $45.56 billion recorded on January 1, the stock has risen by $2.94 billion — a 6.45 percent increase year-to-date. On Monday, reserves were reported at $48.36 billion before climbing further to Tuesday’s figure.
The apex bank defines foreign exchange reserves as foreign currency assets held by a country’s monetary authority to meet external obligations and support monetary policy decisions.
In its outlook released on December 22, 2025, the CBN projected further growth in the reserves, estimating they could hit $51.04 billion in 2026, driven largely by ongoing reforms in the foreign exchange market.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.
Earlier this month, the CBN governor, Olayemi Cardoso, reaffirmed the bank’s commitment to protecting the naira and boosting the country’s external buffers.
He stated that the central bank would do “whatever it takes” to safeguard the currency’s value while strengthening Nigeria’s reserves.
Cardoso also outlined longer-term objectives extending to 2030, including achieving single-digit inflation and expanding foreign exchange reserves through increased non-oil exports, foreign direct investment inflows, and diaspora remittances.
