Nigeria’s external reserves have crossed the $46 billion mark for the first time in about eight years, underscoring steady reserve accretion since 2025, according to data released by the Central Bank of Nigeria (CBN) on January 22, 2026.
The build-up strengthens the country’s buffer for import cover and currency stability as Nigeria enters a pre-election year. Data tracked by Nairametrics shows the last time reserves were near this level was August 2018, when they stood at $45.9 billion.
Reserves closed 2025 at about $45.5 billion, up from roughly $40.8 billion at the start of the year, and have gained over $500 million in the first three weeks of January 2026 alone. The improvement reflects stronger FX inflows, better forex management following recent reforms, increased repatriation of export proceeds, and higher dollar-to-naira conversions by businesses.
The rising reserves have coincided with a firmer exchange rate and improved investor confidence. At $46 billion, Nigeria’s reserves are estimated to cover about 15 months of goods imports, or roughly 10 months when services are included.
Looking ahead, the CBN projects reserves will climb to about $51 billion by the end of 2026, supported by higher oil earnings, diaspora remittances, sovereign bond issuance, and increased domestic refining capacity. Analysts, however, caution that sustaining FX stability will require narrowing the gap between official and parallel market rates and maintaining reform momentum.
