Nigeria’s foreign exchange (FX) reserves have climbed to $48.5 billion, marking the highest level in nearly 13 years.
Gatekeepers News reports that according to data from Central Bank of Nigeria (CBN), the last time reserves reached comparable levels was May 14, 2013, when they stood at about $48.51 billion.
The increase reflects steady growth of 6.45 percent, or $2.94 billion, since the start of the year, rising from $45.56 billion on January 1 to $48.5 billion on Tuesday. FX reserves were reported at $48.36 billion just a day earlier, showing a consistent upward trend.
The CBN defines foreign reserves as assets held in foreign currencies by a central bank to support liabilities, maintain monetary stability, and influence exchange rates.
The apex bank had projected in December 2025 that Nigeria’s external reserves would reach $51.04 billion in 2026, citing ongoing foreign exchange market reforms as a key driver.
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 at the time.
CBN Governor Olayemi Cardoso reiterated on February 10 the bank’s commitment to protecting the value of the naira and strengthening the country’s external reserves.
He outlined long-term targets, including achieving single-digit inflation and growing FX reserves through non-oil exports, foreign direct investment, and remittances from Nigerians in the diaspora.
