Abuja, February 20, 2026 — Nigeria’s external reserves have climbed to $48.5 billion as of mid-February 2026, according to data from the Central Bank of Nigeria (CBN), marking the highest level since May 2013.
The figure represents a significant rise from $45.5 billion recorded at the end of 2025, reflecting improved foreign exchange inflows driven by stronger oil revenues, rising diaspora remittances, non-oil export growth, and ongoing banking sector reforms.
Impact on the Naira
The reserves build-up has contributed to relative stability in the foreign exchange market. The naira has strengthened in the parallel market to around ₦1,347 per dollar, compared to highs above ₦1,700 per dollar recorded last year during periods of acute volatility.
Market analysts attribute the moderation to increased FX liquidity, tighter monetary policy coordination, and renewed investor confidence under the leadership of President Bola Tinubu and CBN Governor Olayemi Cardoso.
Import Cover and Economic Buffer
At $48.5 billion, Nigeria’s reserves now provide an estimated over 10 months of import cover, a level widely regarded by economists as a strong buffer against external shocks, including oil price volatility and global financial tightening.
Supporters of the current economic reforms describe the development as evidence that recent fiscal and monetary adjustments are beginning to yield macroeconomic stability.
Cautious Optimism
However, economists and households remain cautious. While the reserves growth and exchange-rate stability signal macro-level improvement, inflationary pressures and high consumer prices continue to weigh on everyday living conditions.
Analysts note that sustained progress will depend on maintaining foreign inflows, deepening non-oil exports, improving domestic productivity, and translating macroeconomic gains into tangible relief for businesses and consumers.