Nigeria’s foreign exchange (FX) reserves climbed to $48.5 billion on Tuesday, marking the highest level recorded in about 13 years, according to data obtained from the Central Bank of Nigeria (CBN).
The latest figure represents the strongest reserve position since May 14, 2013, when the country’s external reserves stood at approximately $48.51 billion.
Data from the apex bank showed that reserves have grown steadily by 6.45 percent year-to-date, rising by $2.94 billion from $45.56 billion recorded on January 1 to the current $48.5 billion. On Monday, the reserves were reported at $48.36 billion, indicating a continued upward trend.
Foreign exchange reserves are assets held by a nation’s monetary authority in foreign currencies. They are used to back liabilities, support the local currency, meet international payment obligations, and influence monetary policy.
The recent surge comes amid ongoing reforms in Nigeria’s foreign exchange market aimed at improving liquidity and stabilising the naira. On December 22, 2025, the CBN projected that the country’s external reserves would rise further to $51.04 billion in 2026, driven by sustained FX reforms.
READ ALSO: CBN slams up to N20m fine on Banks, cheque printers for breaching standards
“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,” the bank stated at the time.
Earlier, on February 10, CBN Governor, Olayemi Cardoso, reaffirmed the bank’s commitment to defending the local currency and strengthening Nigeria’s external buffer.
He said the apex bank would do “whatever it takes” to safeguard the value of the naira while consolidating gains in reserve accumulation.
Looking ahead to 2030, Cardoso outlined key macroeconomic targets, including achieving single-digit inflation and expanding FX reserves through increased non-oil exports, stronger foreign direct investment inflows, and higher diaspora remittances.
Economic analysts say the steady growth in reserves provides a cushion against external shocks, boosts investor confidence, and enhances the CBN’s capacity to intervene in the foreign exchange market when necessary.