Nigeria’s External Reserves Hit $46bn, Eight-Year High – Presidency

Nigeria’s external reserves have crossed the $46 billion mark for the first time in about eight years, reflecting sustained improvement in foreign exchange inflows and management according to Kamorudeen Yusuf,
Personal Assistant on Special Duties to President Bola Ahmed Tinubu

Yusuf disclosed that data released by the Central Bank of Nigeria shows reserves reached this level as of January 22, 2026, up from about $40.8 billion at the start of 2025 and $45.5 billion at the end of last year.

According to him, the steady build-up follows ongoing FX reforms and improved inflows, including higher repatriation of funds from NNPC and exporters, as well as increased dollar-to-naira conversions by businesses.

He claimed that reserves have risen by over $1 billion since December 2025 and gained more than $500 million in the first three weeks of January 2026 alone, signalling a turnaround from earlier volatility.

“Stronger reserves have coincided with a more stable exchange rate, narrowing pressures across the official and parallel markets, and enhancing confidence in the naira”, he said.

Yusuf held that at current levels, Nigeria’s reserves are estimated to cover about 15 months of goods imports, providing a stronger buffer against external shocks as the country heads into a pre-election year.

He asserted that overall, the rebound in external reserves underscores the growing impact of recent economic and FX reforms, strengthening Nigeria’s macroeconomic stability and supporting the Central Bank’s medium-term outlook of a $51 billion reserve position by the end of 2026.