Nigeria’s external reserves have climbed above $47 billion for the first time in nearly eight years, signaling a stronger external position and boosting confidence in the Central Bank of Nigeria’s medium-term outlook.
Data tracked by Nairametrics show that gross external reserves rose to $47.025 billion, the highest level recorded since August 3, 2018, when reserves stood at $47.01 billion.
The increase reflects a steady upward trend that began in the final weeks of 2025 and has continued into early 2026, strengthening expectations that the CBN could meet its reserve target for the year.
Nigeria’s external reserves closed 2025 at about $45.5 billion, up from roughly $40.8 billion at the beginning of the year. This represents an annual increase of nearly $4.7 billion, driven by improved foreign exchange inflows and tighter FX management.
In January 2026, reserves crossed the $46 billion mark for the first time in about eight years.
They opened the month at $45.565 billion and closed at $46.279 billion, reflecting a gain of more than $700 million within the month.
In the first 22 days of January alone, reserves rose by around $509 million, pointing to sustained inflows and improved FX liquidity conditions.
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The upward trend had already gathered pace in December 2025, when reserves increased from about $44.8 billion to $45 billion, reaching a six-year high at the time.
Since December 19, 2025, reserves have continued to rise steadily, rebuilding Nigeria’s external buffers at a measured pace and pushing them past the psychologically important $47 billion level, their highest point in almost eight years.
Although a detailed breakdown of recent inflows has not yet been released, analysts link the improvement to a mix of oil-related gains and policy-driven factors.
Stronger crude oil production and export earnings have boosted foreign exchange receipts, while recent reforms in the FX market and improved transparency have supported autonomous inflows.
Renewed foreign investor confidence has also contributed through portfolio investments, alongside multilateral and bilateral funding inflows and stronger remittance flows.
Together, these developments suggest Nigeria’s external sector is in a more stable position than in previous years when reserves were under pressure.
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Image Credit: Economic Confidential
