Nigeria's External Reserves Reach $46 Billion, Highest in 8 Years

Nigeria's external reserves have hit $46 billion as of January 22, 2026, marking the highest level in eight years. This increase reflects a steady accumulation of reserves, indicating a stronger buffer for import cover and currency stability as the country heads into a pre-election year.

The last recorded reserves at this level were in August 2018. The Central Bank of Nigeria's data shows sustained reserve growth, coinciding with a strengthening exchange rate in the official market.

The parallel market also reflects this improvement, with rates around N1,490 per dollar. The sustained growth in reserves is a positive indicator of Nigeria's ability to defend its currency and meet external obligations.

Analysts suggest that the continued rise in reserves in 2026 will be supported by external inflows and domestic structural changes, contingent on maintaining exchange rate stability and reform momentum.