Nigeria’s external reserves have surpassed the $46 billion milestone for the first time in nearly eight years, reflecting consistent growth in reserve levels since 2025.

According to the Central Bank of Nigeria’s latest data, released on January 22, 2026, the increase strengthens the country’s buffers for import cover and supports currency stability ahead of the 2026 election year.

Data shows that Nigeria last recorded external reserves near this level on August 27, 2018, when they stood at $45.9 billion, according to Nairameteics.

With reserves now hovering around $46 billion, the Central Bank of Nigeria’s medium-term target of $51 billion by the end of 2026 is increasingly within reach.

According to the CBN, Nigeria’s external reserves reached $46 billion as of January 22, 2026—the first time in roughly eight years—reflecting steady inflows and enhanced foreign exchange management following the FX reforms.

The growth in Nigeria’s external reserves reflects steady inflows and improved foreign exchange management since the introduction of the FX reforms.

The data also highlights a marked recovery from the volatility experienced during the early phase of the new forex regime.

Reserves closed 2025 at around $45.5 billion, up from approximately $40.8 billion at the start of the year.

In contrast, at the same point last year, reserves had fallen below $40 billion, declining by about $842 million as the previous FX regime took effect. So far in January 2026, reserves have increased by roughly $509 million in just 22 days, maintaining a consistent upward trend since December 19, 2025.