Nigeria’s external foreign exchange reserves have climbed to $46 billion, marking the country’s strongest reserve position in nearly eight years, according to latest data from the Central Bank of Nigeria (CBN).
Figures obtained from the apex bank show that the reserves stood at $46.01 billion as of January 22, 2026, representing the highest level recorded since August 2018 and underscoring improving liquidity in the foreign exchange market.
The data indicate a steady upward movement in reserve holdings since the beginning of the year, with reserves rising by about $450 million from $45.56 billion on January 1. The balance had reached $45.98 billion a day earlier, on January 21, before crossing the $46 billion mark.
Brandspur Banking News Desk understands that the growth in reserves reflects sustained inflows and the impact of recent foreign exchange reforms introduced by monetary authorities to stabilise the market.
The Central Bank of Nigeria describes foreign exchange reserves as external assets held in foreign currencies by the monetary authority, deployed to support the naira, meet international payment obligations and influence monetary policy direction.
In its December 2025 outlook, the CBN projected that Nigeria’s external reserves could rise further to $51.04 billion in 2026, citing continued reforms in the foreign exchange market as a key driver of stability and investor confidence.
The apex bank noted that improved FX liquidity and market transparency are expected to support exchange rate stability while strengthening the country’s buffer against external shocks.
The positive momentum builds on gains recorded in 2025, when Nigeria posted a balance of payments surplus of $5.8 billion. During the same period, external reserves expanded to an estimated $45.01 billion, up from $40.19 billion in 2024.
Speaking earlier in December, CBN Governor, Olayemi Cardoso, said the sustained rise in reserves reflects renewed confidence in the Nigerian economy and improving conditions in the foreign exchange market.
Analysts say the stronger reserve position enhances the country’s ability to manage currency volatility, meet import obligations and reassure foreign investors, especially amid ongoing efforts to attract capital inflows and stabilise the naira.
