Nigeria’s external buffers strengthened significantly in February 2026 as foreign exchange reserves rose sharply to $48.37 billion, reflecting continued inflows and improving liquidity conditions across the economy.
Brandspur Banking News Desk reports that the Central Bank of Nigeria (CBN) data show gross external reserves climbed from $45.90 billion on January 13, 2026, to $48.37 billion as of February 16, 2026, marking a $2.47 billion increase in just one month, equivalent to a 5.4 per cent rise.
This growth extends a recovery trajectory that began in the latter half of 2025, following a low of $37.21 billion in June. Reserves rose steadily to $39.36 billion in July, $41.31 billion in August, and continued upward to $44.67 billion in November, reaching $45.50 billion by December 2025. The momentum carried into January 2026, with reserves hitting $46.28 billion before the current surge.
On a year-on-year comparison, Nigeria’s reserve stock rose from $40.88 billion at the end of December 2024 to $48.37 billion, an increase of roughly $7.49 billion or 18.3 per cent, underscoring strengthened external resilience.
Analysts note that the over $48 billion reserve position provides enhanced import cover and bolsters the country’s capacity to defend the naira against global financial volatility and commodity price fluctuations. It also signals progress in stabilising the foreign exchange market and reinforces macroeconomic stability as policymakers continue to implement measures to support Nigeria’s external position.
The sustained inflows and reserve accumulation reflect a combination of improved commodity earnings, targeted interventions by the CBN, and investor confidence in Nigeria’s economic management. Economists say the trend is a positive signal for trade, investment, and financial sector stability in 2026.
With foreign reserves now approaching $50 billion, Nigeria is better positioned to manage external shocks, maintain exchange rate stability, and support economic growth while safeguarding its financial system against global uncertainties.
