Nigeria’s foreign exchange (FX) reserves have reached $48.5 billion, their highest level in nearly 13 years.
This milestone, confirmed by data from the Central Bank of Nigeria (CBN), surpasses previous multi-year peaks and represents the strongest balance since May 14, 2013, when reserves stood at approximately $48.51 billion.
However, the data showed that the foreign reserves increased steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion reported on January 1 to $48.5 billion.
Further checks showed that the FX reserves figure was $48.36 billion on Monday.
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 would 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.
On February 10, Olayemi Cardoso, governor of CBN, said the bank will do “whatever it takes” to safeguard the value of the naira, while strengthening the country’s external reserves.
Looking ahead to 2030, he said the CBN’s targets include achieving single-digit inflation and growing foreign exchange (FX) reserves driven by non-oil exports, foreign direct investment, and diaspora remittances.
