Nigeria’s foreign exchange (FX) reserves have risen to $46 billion, the highest level in about eight years, according to data from the Central Bank of Nigeria (CBN).
The reserves increased steadily by 0.99% or $450 million year-to-date, from $45.56 billion on January 1 to $46.01 billion on January 22.
The CBN attributes the growth to FX reforms, projecting that reserves will reach $51.04 billion in 2026.
The apex bank notes that the positive outlook builds on gains recorded in 2025, with a balance of payments surplus of $5.8 billion and a rise in external reserves to an estimated $45.01 billion.
The increase reflects renewed confidence in the economy and improved stability in the foreign exchange market, according to CBN Governor Olayemi Cardoso.
