Nigeria’s foreign exchange reserves have risen to 48.5 billion dollars, their highest level in about 13 years. Data from the Central Bank of Nigeria shows the figure was recorded on Tuesday, the highest since May 14, 2013, when reserves stood at 48.51 billion dollars.
The reserves have increased by 6.45 percent year-to-date, rising by 2.94 billion dollars from 45.56 billion dollars on January 1. The figure stood at 48.36 billion dollars on Monday, according to the apex bank.
The Central Bank of Nigeria said foreign exchange reserves are assets held in foreign currencies to back liabilities and influence monetary policy. In December 2025, the bank projected that external reserves would rise to 51.04 billion dollars in 2026, supported by foreign exchange reforms.
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On February 10, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the bank would take necessary steps to safeguard the value of the naira and strengthen reserves, with long-term targets including single-digit inflation and growth driven by non-oil exports, foreign direct investment and diaspora remittances.
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