Naira Gets Massive Boost as Nigeria’s Reserves Hit $48.5 Billion, Highest in 13 Years
- Nigeria's foreign exchange reserves surged to $48.5 billion, their highest in nearly 13 years
- Strengthening reserves boosted confidence in naira's stability amid ongoing economic reforms
- Central bank projected reserves might reach $51 billion by 2026, signalling positive economic outlook
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s foreign exchange reserves have surged to $48.5 billion, marking their highest level in nearly 13 years and signalling renewed strength in the country’s external position.
Latest figures from the Central Bank of Nigeria (CBN) show that the reserves reached $48.5 billion on Tuesday, February 17, 2026, the strongest level recorded since May 14, 2013, when they stood at about $48.51 billion.
Source: Getty Images
The steady rise reflects sustained momentum in reserve accumulation and growing confidence in ongoing reforms.
From $45.56 billion recorded on January 1, reserves have increased by $2.94 billion so far this year, representing a 6.45 per cent gain.
Just a day before hitting the new high, reserves were $48.36 billion, highlighting a consistent upward trend rather than a one-off spike.
What the rise means for the naira
The rebound in reserves comes as policymakers intensify efforts to stabilise the naira and strengthen liquidity in the foreign exchange market.
Higher reserves typically enhance a country’s ability to defend its currency, manage exchange rate volatility, and cushion external shocks.
Foreign exchange reserves are foreign currency assets held by a nation’s monetary authority to back liabilities and influence monetary policy.
They also serve as a confidence booster for investors, demonstrating a country’s capacity to meet its international obligations and finance imports.
Analysts believe the latest surge could offer stronger support for the naira in the coming months.
With a healthier reserve buffer, the monetary authorities are better positioned to intervene when necessary and smooth out market pressures.
Reforms begin to yield results
The recent gains are widely seen as validation of foreign exchange reforms introduced by the central bank to improve transparency, boost FX supply, and attract capital inflows.
On February 10, the CBN Governor, Olayemi Cardoso, reaffirmed the bank’s resolve to protect the naira and reinforce the country’s reserve buffers, according to a report by Daily Sun.
He stated that the apex bank would do “whatever it takes” to safeguard the currency’s value while strengthening Nigeria’s external position.
The central bank has also outlined broader macroeconomic ambitions ahead of 2030, including achieving single-digit inflation and building a more resilient reserve base driven by non-oil exports, foreign direct investment, and diaspora remittances.
Outlook: $51bn in sight
In its December 22, 2025, projection, the CBN forecast that external reserves would climb further to $51.04 billion in 2026, anchored on sustained FX reforms and improved inflows.
The latest data suggest that the country may be on track to meet or even surpass that target if current trends continue.
“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 bank stated at the time.
Source: Getty Images
With reserves now at a 13-year high, policymakers are aiming to consolidate macroeconomic stability and restore investor confidence in Africa’s largest economy.
Experts say if sustained, the build-up could improve Nigeria’s credit outlook, provide stronger import cover, and give monetary authorities more flexibility in navigating global economic headwinds.
"The robust reserves is also a massive booster and buffer for the naira," Janet Ogochukwu, senior banker and economist, told Legit.ng on a call.
"Recently, the CBN resumed dollar interventions in the parallel market, which has closed the yawning gap between the two windows," she said.
For the naira, the message is clear: a stronger reserve position offers a firmer foundation for stability and renewed gains.
Naira rallies to N1,390 in parallel market
Legit.ng earlier reported that the naira recorded a strong rebound in the parallel market on Monday, February 16, 2026, appreciating to N1,390 per dollar and further closing the gap with the official foreign exchange window.
The latest movement represents a 2.16 per cent gain compared to the N1,420 quoted last Friday, February 13, 2026.
Street traders confirmed that the local currency gained N30 within one trading session, reflecting renewed confidence and improved dollar liquidity in the informal market.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
