CBN Forecasts Nigeria's External Reserves to Hit $51.04 Billion by 2026

The Central Bank of Nigeria (CBN) forecasts Nigeria's external reserves to surge to $51.04 billion by 2026, attributing the increase to enhanced oil revenues, foreign exchange market reforms, and higher bond issuances. The outlook also includes sustained diaspora remittances, FX market reforms, and the expansion of domestic refining capacity, notably with Dangote Refinery's capacity expansion plans.

These projections aim to bolster Nigeria's external buffer, ease pressure on the foreign exchange market, and attract foreign capital, ultimately supporting macroeconomic stability in the medium term.