Nigeria’s foreign exchange (FX) reserves climbed to US$46.01 billion on 22 January 2026, data from the Central Bank of Nigeria (CBN) show. This marks the highest level in almost eight years.
The figure, released in the CBN’s latest reserves report, represents a steady year-to-date increase of about 0.99 per cent, rising from US$45.56 billion on 1 January to US$46.01 billion on 22 January. On 21 January, reserves were reported at US$45.98 billion, indicating consistent accretion.
FX reserves are assets held by the monetary authority in foreign currencies to support its foreign liabilities and to guide monetary policy.
The latest build-up surpasses the previous high recorded in 2018, reflecting gains from improved oil receipts, increased foreign capital inflows and continued policy reforms aimed at stabilising the FX market.
On the foreign exchange market, the naira also strengthened modestly against the US dollar, buoyed by the stronger reserve position and increased liquidity, though market participants note that volatility remains a feature of Nigeria’s FX landscape.
In a recent macroeconomic outlook, the CBN projected that external reserves could rise to US$51.04 billion in 2026, supported by anticipated increases in oil earnings, sovereign bond issuance and diaspora remittances, as well as further foreign exchange market reforms.
“The external reserves are projected at US$51.04bn in 2026, compared with US$45.01bn in 2025,” the apex bank said in its report, noting that enhanced domestic refining capacity and reduced pressure on FX demand for fuel imports would support reserve growth.
The positive outlook builds on a surplus in Nigeria’s balance of payments and improved reserve accretion in 2025, when external reserves rose from around US$40.19 billion in 2024 to an estimated US$45.01 billion.
Central Bank Governor Olayemi Cardoso has attributed the gains to renewed investor confidence and relative stability in the FX market.
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