Nigeria has marked a major economic milestone as its external foreign exchange reserves climbed above $46 billion, hitting the strongest level in nearly eight years and reinforcing the country’s position among Africa’s top five economies by reserve strength.
Data released by the Central Bank of Nigeria (CBN) shows that as of January 22, 2026, the nation’s reserves stood at about $46.01 billion, the highest level recorded since 2018. This robust reserve position reflects a steady build-up from $40.8 billion at the beginning of 2025, underscoring improved foreign exchange liquidity and macroeconomic stability.
Economists say the recent surge in reserves stems from a combination of stronger oil export receipts, increased foreign capital inflows, remittances, and ongoing FX market reforms implemented by the CBN to stabilise the foreign exchange environment. These measures have helped narrow the gap between official and parallel market exchange rates and boosted confidence in the naira.
The sizeable reserve buffer enhances Nigeria’s ability to manage external shocks, support import cover, and meet international payment obligations,an important advantage as the country navigates global economic uncertainties and prepares for future election cycles. Analysts say sustaining this momentum will depend on consistent oil output, disciplined fiscal policy, and continued implementation of foreign exchange reforms.
Nigeria’s recent performance situates it firmly among Africa’s economic heavyweights, narrowing the reserve gap with peers such as South Africa and Egypt. The milestone reflects renewed investor confidence and signals a positive outlook for the country’s external reserves and broader economic prospects in the months ahead.
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