Nigeria’s foreign exchange (FX) reserves have climbed to $48.5 billion, reaching their highest level in approximately 13 years.
Data obtained from the Central Bank of Nigeria (CBN) confirmed the new figure as of Tuesday.
This marks the highest value recorded since May 14, 2013, when the reserves stood at about $48.51 billion.
The current level represents a steady accumulation over the course of the year. According to the data, the foreign reserves have increased by 6.45 percent year-to-date, rising by $2.94 billion from the $45.56 billion reported on January 1, 2025. The reserves stood at $48.36 billion on Monday before the latest uptick.
According to the CBN, foreign exchange reserves are assets held by the monetary authority in foreign currencies, which are used to back liabilities and influence monetary policy.
The increase aligns with the apex bank’s recent projections. On December 22, 2025, the CBN forecasted that the country’s external reserves would rise further to $51.04 billion in 2026, attributing the expected growth to ongoing reforms in the foreign exchange market.
“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,” the CBN had stated.
The development also follows a recent commitment by the central bank governor to protect the local currency. On February 10, Olayemi Cardoso, governor of the CBN, reiterated that the bank would do “whatever it takes” to safeguard the value of the naira while continuing to strengthen the country’s external reserves.
Looking further ahead to 2030, Cardoso outlined the CBN’s long-term targets, which include achieving single-digit inflation and growing foreign exchange reserves through increased non-oil exports, foreign direct investment, and diaspora remittances.
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