Nigeria’s FX Reserves Hit $48.5bn, Highest in 13 years

Nigeria’s foreign exchange (FX) reserves have risen to $48.5 billion, the highest level in nearly 13 years, reinforcing signs of improved external stability.

Data from the Central Bank of Nigeria, (CBN), show the milestone was achieved on Tuesday, marking a 6.45 per cent gain, equivalent to $2.94 billion.

The rebound highlights strengthening investor confidence and the impact of foreign exchange reforms aimed at stabilising the naira and improving liquidity in the FX market.

The apex bank projects that reserves will further climb to $51.04 billion in 2026, driven by sustained reforms.

Analysts say if the upward momentum is maintained, Nigeria could see improved credit metrics, stronger import financing capacity and enhanced investor sentiment.