Nigeria’s foreign exchange reserves have surged to $48.5 billion, reaching their highest level since May 2013 in what signals a major turnaround for the country’s external finances.
Figures obtained from the Central Bank of Nigeria database show that the current reserve balance is the strongest recorded since May 14, 2013, when reserves stood at about $48.51 billion.
The steady build-up began in the closing weeks of 2025 and has continued into the first months of 2026. Analysts say the improvement reflects stronger foreign exchange inflows and tighter liquidity control by the Central Bank of Nigeria.
At the end of 2025, Nigeria’s reserves stood at approximately $45.5 billion, compared with about $40.8 billion at the start of that year. The nearly $4.7 billion increase over the 12-month period highlights improved inflows and policy adjustments aimed at stabilizing the foreign exchange market.
In January 2026, reserves opened at $45.565 billion and closed at $46.279 billion, representing a rise of more than $700 million in one month. Within the first 22 days of January alone, the reserve position climbed by roughly $509 million, pointing to consistent inflows and improved liquidity.
The country crossed the $46 billion mark in January for the first time in about eight years. By February 11, reserves had exceeded $47 billion, another milestone not seen in roughly eight years. By mid-February, the figure reached $48.5 billion, the highest level in nearly 13 years.
The rebuilding trend can be traced to late December 2025 when reserves increased from about $44.8 billion to $45 billion, which was then considered a six-year high. Since December 19, 2025, the reserve curve has followed a steady upward pattern.
This recovery follows years of pressure caused by oil price volatility, capital outflows, and foreign exchange management challenges. The recent gains are strengthening Nigeria’s import cover and boosting its capacity to meet external payment obligations.
The Central Bank of Nigeria has projected that reserves could reach $51 billion by the end of 2026 as part of its broader stabilization strategy. The target is intended to reinforce external buffers, reduce currency volatility, and improve investor confidence.
Sustained inflows and careful reserve management will be key to achieving that goal.