Nigeria’s external reserves have climbed above $47 billion, reaching their highest level in nearly eight years and marking a significant milestone in the country’s ongoing macroeconomic stabilisation efforts.
Personal Assistant on Special Duties to President, Kamarudeen Yusuf, disclosed this in a statement issued on Wednesday.
“Data shows that reserves grew from approximately $40.8 billion at the start of 2025 to about $45.5 billion by year-end, reflecting a strong annual accretion of nearly $4.7 billion.
“The upward momentum has continued steadily into 2026, with consistent monthly gains pushing reserves beyond the $47 billion threshold”, the statement said
It said: “The sustained growth is widely attributed to improved crude oil production and export earnings, enhanced foreign exchange reforms, stronger investor confidence, increased diaspora remittances, and multilateral and bilateral inflows. Greater transparency and liquidity within the FX market have also supported autonomous inflows and strengthened external buffers.
“This reserve build-up reinforces confidence in the Central Bank of Nigeria’s medium-term outlook and brings its $51 billion reserve target for 2026 increasingly into focus. Stronger reserves enhance Nigeria’s capacity to manage exchange rate volatility, meet external obligations, and provide a more stable macroeconomic environment.
“This progress reflects the bold and far-reaching economic reforms championed by President Bola Ahmed Tinubu. His administration’s commitment to market transparency, fiscal discipline, and structural transformation is steadily restoring investor confidence and rebuilding Nigeria’s economic resilience.
“The improving external position stands as a clear testament to policies designed to stabilise today while laying a stronger foundation for sustainable growth tomorrow.