Nigeria's External Reserves Hit $47 Billion, Highest Since 2018

Nigeria's external reserves have exceeded $47 billion, marking the highest level since 2018. The Central Bank of Nigeria (CBN) has played a crucial role in bolstering the country's external position, with the gross external reserves reaching their peak on August 3, 2018.

This achievement reflects a renewed strength in Nigeria's external reserves, instilling confidence in the CBN's medium-term outlook. The steady upward trajectory in reserves, which began in the final week of 2025 and extended into early 2026, has raised expectations regarding the CBN's ability to meet its reserve targets for the year.

The current level of reserves, surpassing the $47 billion threshold, is the highest in nearly eight years, indicating significant progress. Analysts attribute this increase to a combination of oil-related factors, policy-driven improvements, and sustained efforts in foreign exchange management.

The CBN's strategic reforms in the foreign exchange market have gradually yielded positive results, stabilizing the external sector and enhancing the country's macroeconomic stability.