Nigeria’s foreign exchange (FX) reserves climbed to $46 billion on January 22, reaching their highest level in nearly eight years.
Data obtained from the Central Bank of Nigeria (CBN) show that this is the strongest reserve position since August 27, 2018.
The figures indicate that external reserves grew steadily by 0.99 percent, or about $450 million, year-to-date — rising from $45.56 billion on January 1 to $46.01 billion as of January 22.
A further review revealed that the FX reserves stood at $45.98 billion on January 21.
According to the CBN, FX reserves are foreign-currency assets held by a country’s monetary authority to support liabilities and guide monetary policy.
On December 22, 2025, the apex bank projected that Nigeria’s external reserves would increase to $51.04 billion in 2026, attributing the outlook to ongoing foreign exchange 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 bank explained that the positive forecast builds on improvements recorded in 2025, when Nigeria achieved a balance of payments surplus of $5.8 billion, supported by an increase in external reserves to an estimated $45.01 billion from $40.19 billion in 2024.
Earlier, on December 4, 2025, CBN governor Olayemi Cardoso said the growth in external reserves reflects renewed investor confidence in the economy and enhanced stability in the foreign exchange market.