Nigeria’s FX reserves rise to $46bn — highest in eight years

By Abubakar Yunusa

Nigeria’s foreign exchange (FX) reserves rose to $46 billion on January 22, representing the highest in about eight years.
The current record marks the highest level recorded since August 27, 2018, according to data obtained from the Central Bank of Nigeria (CBN).
The data showed that the foreign reserves increased steadily by 0.99 percent or $450 million year-to-date, from $45.56 billion reported on January 1 to $46.01 billion on January 22.
Further check showed that the FX reserves figure was $45.98 billion on January 21.
According to the CBN, FX reserves are assets held on reserve by a monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.
On December 22, 2025, the apex bank projected that the country’s external reserves will rise to $51.04 billion in 2026, saying the increase will be supported by FX reforms.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.
The apex bank noted that the positive outlook builds on gains recorded in 2025, when Nigeria posted a balance of payments surplus of $5.8 billion, supported by a rise in external reserves to an estimated $45.01 billion, from $40.19 billion in 2024.
On December 4, 2025, Olayemi Cardoso, the CBN governor, said the external reserves gains reflect renewed confidence in the economy and improved stability in the foreign exchange market.