Nigeria’s foreign reserves have climbed to their highest level in more than a decade, reaching $50.45 billion as of mid-February 2026.
The figure marks the strongest reserve position recorded in 13 years, offering a significant boost to Africa’s largest economy amid ongoing efforts to stabilize its foreign exchange market.
According to data released by the Central Bank of Nigeria (CBN) on March 3, the gross external reserves stood at $50.45 billion as of February 16, 2026.
The milestone represents a steady accumulation over the past year, rising from $40.19 billion at the start of 2025 to $45.71 billion by December, before surging further in the opening months of 2026.
External reserves serve as a critical buffer for any economy, enabling countries to finance imports, service foreign debt, and intervene in currency markets during periods of volatility.
At the current level, Nigeria’s reserves are estimated to cover approximately 9.68 months of imports of goods and services, providing a substantial cushion against potential external shocks.
The CBN also reported an improvement in the country’s net reserve position, which rose to $34.80 billion in December 2025, a significant jump from $23.11 billion recorded in December 2024.
Speaking on the development, CBN Governor Olayemi Cardoso described the reserve accumulation as a strengthening of the country’s ability to meet external commitments while gaining greater flexibility to stabilize the foreign exchange market when necessary.
The reserve growth coincides with sweeping economic reforms introduced by the administration of President Bola Ahmed Tinubu, particularly the liberalization of Nigeria’s foreign exchange framework in 2023.
The move, which allowed the naira to trade more freely after years of multiple exchange rate windows, initially triggered a sharp depreciation of the local currency as pent-up demand for dollars flooded the market.
However, recent data suggests gradual stabilization. According to figures from XE Converter, the naira has strengthened modestly over the past year, moving from approximately ₦1,499.38 per dollar in March 2025 to ₦1,359.34 per dollar by March 2026.
Inflationary pressures have also shown signs of easing. Nigeria’s consumer price index slowed to 15.10 percent in January 2026—the lowest level since the inflation surge that peaked at 34.19 percent in June 2024, which had been driven by currency depreciation, fuel subsidy removal, and rising food prices.
Cardoso noted that recent economic indicators suggest the ongoing monetary and exchange rate adjustments are beginning to yield results.
He reaffirmed the central bank’s commitment to maintaining “adequate buffers” within the reserves while supporting orderly operations in the foreign exchange market and sustaining broader macroeconomic stability.
For now, the latest figures offer a measure of breathing space for the Nigerian economy. Analysts suggest that sustaining this momentum will depend largely on continued foreign capital inflows, stable oil export earnings, and consistent implementation of currency market reforms in the months ahead.
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