Nigeria’s foreign reserves have climbed to $48.5 billion, marking the highest level recorded since May 2013. According to data from the Central Bank of Nigeria (CBN), the country’s external reserves have steadily increased, reaching a position last seen on May 14, 2013, when reserves stood at about $48.51 billion. The milestone signals a significant rebound in Nigeria’s external buffers after years of volatility driven by oil price swings and foreign exchange pressures.
The upward momentum reflects a consistent rebuilding trend that began in late 2025. Foreign exchange reserves ended 2025 at approximately $45.5 billion, compared to about $40.8 billion at the start of the year — a year-on-year increase of nearly $4.7 billion. Analysts attribute the growth to stronger foreign exchange inflows, policy reforms, and tighter liquidity management measures introduced by the apex bank to stabilize the naira and restore investor confidence.
January 2026 further reinforced the recovery. Reserves opened the month at $45.565 billion and closed at $46.279 billion, gaining more than $700 million within four weeks. Within the first 22 days alone, reserves rose by about $509 million, underscoring sustained inflows and improved foreign exchange liquidity. By February 11, reserves had crossed the $47 billion mark for the first time in nearly eight years, before climbing to $48.5 billion by mid-February — consolidating the strongest reserve position in almost 13 years.
The rebuilding phase can be traced to December 2025, when reserves moved from roughly $44.8 billion to $45 billion — then considered a six-year high. Since December 19, 2025, the reserve curve has maintained a steady upward slope, supported by reforms aimed at enhancing transparency in the FX market. For many economists, this recovery represents more than just numbers; it reflects renewed policy discipline after years marked by capital flow reversals, oil market instability, and currency management challenges.
Looking ahead, the CBN projects reserves could reach $51 billion by the end of 2026 as part of its broader macroeconomic stabilization agenda. The target forms part of a medium-term strategy to strengthen Nigeria’s balance-of-payments position, moderate currency volatility, and boost investor sentiment. Sustaining foreign exchange inflows and disciplined reserve management will be critical if Nigeria is to maintain this momentum and consolidate confidence in its economic outlook.
source: nairametrics