Nigeria’s External Reserves Soars Above $46 Billion, Highest in Eight Years

Nigeria’s external reserves have surged past the $46 billion mark, reaching $46.01 billion as of January 22, 2026 — the highest level in nearly eight years, according to data released by the Central Bank of Nigeria (CBN).

The milestone highlights a significant improvement in the country’s foreign exchange (FX) position and signals growing confidence in Nigeria’s external economic stability. The reserves, which were below $40 billion in late 2024, have climbed steadily over the past year due to stronger inflows from exports, remittances, and other external receipts. Analysts say this growth reflects a combination of sound macroeconomic policies, increased crude oil revenues, and proactive interventions by the CBN to maintain foreign exchange stability. This is a major achievement for the Nigerian economy,” said an economist familiar with the data. “Higher reserves provide the central bank with more room to defend the Naira, support imports, and absorb shocks from global market volatility. It also boosts investor confidence in Nigeria’s macroeconomic management. The surge in reserves has already had a stabilising effect on the Naira, Nigeria’s local currency. The Naira ended the week largely flat across official FX markets, with some reports indicating modest gains against the U.S. dollar following the reserves milestone. Market watchers say the improved reserves position gives the CBN greater flexibility to manage foreign exchange liquidity and reduce pressure on the currency. The current reserves level is the strongest since March 2018, when Nigeria last enjoyed similar FX buffers. Over the past two years, the CBN has maintained tight monetary measures, including relatively high interest rates and careful liquidity management, which have contributed to the steady growth of reserves. Economists say that sustaining reserves above $46 billion will be crucial for macro-stability, import cover, and supporting domestic economic growth in 2026. The rise in reserves also signals strengthened external confidence in Nigeria’s economy, improving the ability of businesses and investors to access foreign exchange for imports and investments. While the milestone is positive, experts caution that continued fiscal discipline, strong export performance, and effective management of foreign exchange flows are needed to maintain and grow reserves. Structural reforms to diversify the economy beyond oil revenues are also essential for long-term resilience. Nigeria’s external reserves crossing the $46 billion threshold represents a major economic milestone, providing a stronger buffer for currency stability, import financing, and investor confidence. As global uncertainties continue, the reserves position offers Nigeria a critical cushion to navigate external shocks while supporting domestic economic growth.