Nigeria’s external reserves rose by $509.78 million in 2026, pushing the total stock to $46.01 billion, according to data released by the Central Bank of Nigeria (CBN).
Figures from the apex bank’s Movement in Foreign Reserves show that the current level is the highest recorded since March 2018.
The increase follows a strong performance in 2025, when the country’s foreign reserves climbed to an estimated $45.01 billion, supported by a $5.8 billion balance of payments surplus.
In its Macroeconomic Outlook for Nigeria, 2026, titled Consolidating Macroeconomic Stability Amid Global Uncertainty, the CBN projects that Nigeria’s external reserves could rise further to $51.04 billion by the end of 2026.
The expected growth is attributed to easing pressure in the foreign exchange market following the unification of the naira exchange rate, stronger oil earnings, higher diaspora remittances, sovereign bond issuance, and the expansion of the Dangote Refinery.
Increased local refining capacity has reduced the importation of refined petroleum products such as Premium Motor Spirit (PMS), gasoline, diesel, kerosene and liquefied petroleum gas (LPG).
“The external reserves are projected at US$51.04 billion in 2026, compared with US$45.01 billion in 2025,” the report stated. “This outlook is based on reduced pressure in the FX market, driven by higher oil earnings, sovereign bond issuance and increased diaspora remittance inflows.
“Additionally, the Dangote Refinery’s expansion of its nameplate capacity to 700,000 barrels per day from 650,000 barrels per day in 2025, and eventually to 1.4 million barrels per day in the medium term, is expected to further support the growth of external reserves.”
Speaking before a Nigerian Senate panel on December 4, 2025, Olayemi Cardoso, CBN Governor said the rise in external reserves reflects growing investor confidence in the economy and improved stability in the foreign exchange market.
