Nigeria’s FX Reserves Hit Eight-Year High Above $46B

Nigeria’s external reserves have climbed above US$46 billion, reaching their highest level in about eight years and strengthening the country’s buffer against external shocks.

Central Bank of Nigeria data dated January 22, 2026 show a steady buildup since 2025, marking a turnaround after years of pressure from oil price swings, FX backlogs, and rising import bills. Reserves were last near similar levels in 2018 before declining through the pandemic period.

The increase improves Nigeria’s import cover, supports confidence in the naira, and gives policymakers more room to manage volatility as the country approaches another election cycle.

Officials and analysts attribute the rebound to higher oil export receipts, foreign-exchange market reforms, and lower fuel import demand. Improved crude output lifted dollar inflows, while exchange-rate adjustments and tighter monetary conditions helped draw portfolio flows and reduce speculative demand.

Reduced reliance on fuel imports, supported by growing domestic refining capacity, eased a major source of FX outflows. Remittances and cautious reserve management also contributed.

With reserves above $46 billion, Nigeria now ranks among Africa’s top reserve holders, alongside South Africa, Egypt, and Libya.