Nigeria’s foreign exchange (FX) reserves rose to $48.5 billion on Tuesday, representing the highest in about 13 years.
The current value is the highest level recorded since May
14, 2013, according to data obtained from the Central Bank of Nigeria (CBN),
when reserves stood at about $48.51 billion.
However, the data showed that the foreign reserves increased
steadily by 6.45 percent or $2.94 billion year-to-date, from $45.56 billion
reported on January 1 to $48.5 billion.
Further checks showed that the FX reserves figure was $48.36
billion on Monday.
According to the CBN, FX reserves are assets held on reserve
by a monetary authority in foreign currencies, which are used to back
liabilities and influence monetary policy.
On December 22, 2025, the apex bank projected that the
country’s external reserves would rise to $51.04 billion in 2026, saying the
increase will be supported by FX reforms.
“Reforms in the foreign exchange market are expected to
sustain exchange rate stability, while external reserves are projected to
increase to US$51.04 billion,” CBN said.
On February 10, Olayemi Cardoso, governor of CBN, said the
bank will do “whatever it takes” to safeguard the value of the naira, while
strengthening the country’s external reserves.
Looking ahead to 2030, he said the CBN’s targets include
achieving single-digit inflation and growing foreign exchange (FX) reserves
driven by non-oil exports, foreign direct investment, and diaspora remittances.
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