Nigeria has rebuilt its net foreign exchange reserves to $46 billion from less than $1 billion at the height of its foreign exchange crisis, marking a turnaround in the country’s external position and strengthening its capacity to withstand currency pressures and meet foreign obligations.
The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, disclosed the latest figures at the Nigeria-Asia Connectivity Dialogue on Thursday, saying gross foreign reserves had also reached an all-time high of $55 billion as stability in the foreign exchange market improved investor confidence.
The recovery represents a substantial shift from the period of acute dollar scarcity and exchange-rate volatility that challenged businesses, importers and investors, exposing the economy’s vulnerability to inadequate foreign exchange buffers.
Net reserves have risen by approximately $11.2 billion from the $34.80 billion reported at the end of December 2025, providing a stronger cushion against external shocks and short-term foreign currency obligations.
“The gross foreign reserves are now at an all-time high of $55billion. Our net reserves are at $46 billion. In addition to that, the foreign exchange market is stable. These are the things that give investors confidence. You can plan. You can bring in money and take it out,” Cardoso said.
The latest figures underscore the extent of Nigeria’s recovery from the foreign exchange pressures that weakened confidence in the naira and complicated access to dollars for businesses and investors.
Cardoso had put Nigeria’s net foreign reserves at approximately $3 billion in 2023 before disclosing that they subsequently fell below $1 billion at the height of the crisis.
The increase to $46 billion is considered a major improvement in the central bank’s net external position and provides a stronger basis for managing short-term foreign currency demands.
Unlike gross reserves, net foreign reserves account for certain near-term foreign currency liabilities, including obligations arising from foreign exchange swaps and forward contracts. The measure therefore offers investors a more informative indication of the foreign exchange resources available after accounting for such commitments.
Gross reserves have also maintained an upward trajectory during 2026, crossing $54 billion in September before reaching $54.61 billion as of September 14. Cardoso’s latest disclosure puts the figure above $55 billion, exceeding the CBN’s earlier projection of approximately $51.04 billion for the end of 2026.
The reserve recovery has coincided with a period of relatively narrow movements in the official exchange rate.
Nigeria’s stronger external position comes against an improving growth outlook and a recent adjustment in monetary policy.
The World Bank has raised its forecast for Nigeria’s economic growth in 2026 to 4.3 per cent, from 4.0 per cent in 2025, and projected growth of 4.4 per cent in both 2027 and 2028.
The CBN also reduced its Monetary Policy Rate (MPR) by 350 basis points to 23 per cent from 26.5 per cent at its September Monetary Policy Committee meeting.
At the same meeting, the committee recalibrated the asymmetric corridor around the policy rate to plus 50 and minus 300 basis points. The CBN described the adjustment as an operational reset intended to improve the effectiveness of monetary policy rather than a change in its prevailing policy stance.
