Nigeria’s external reserves have crossed the $46 billion mark for the first time in about eight years, highlighting the steady accretion in reserve levels since 2025.The development is based on the latest external reserves data released by the Central Bank of Nigeria dated January 22, 2026.
The reserve build-up signals stronger buffers for import cover and currency stability as the country heads into a pre-election year. Nigeria’s last recorded reserves were at this level on August 27, 2018, when they stood at $45.9 billion.With reserves now at about $46 billion, the apex bank’s medium-term outlook of a $51 billion reserve position by the end of 2026 is increasingly coming into view.What the data is sayingData from the Central Bank of Nigeria shows that Nigeria’s external reserves hit $46 billion as of January 22, 2026, the first time in roughly eight years.
The build-up reflects steady inflows and improved foreign exchange management since the FX reforms began.The data also suggests a notable turnaround from the volatility experienced during the early phase of the new forex regime.The reserves closed 2025 at about $45.5 billion, having opened the year at roughly $40.8 billion.At the same time last year, reserves had dipped below $40 billion, losing around $842 million as the new FX regime unfolded.In contrast, reserves have gained about $509 million in just 22 days in January 2026 and have been rising consistently since December 19, 2025.During the period, the official exchange rate stood at about N1,553 per dollar, while the parallel market traded near N1,645, creating a spread of over N100.
The data also shows that sustained reserve growth has coincided with a strengthening exchange rate, with the official market closing at about N1,421 per dollar and the parallel market at around N1,490.
