• Nigeria’s gross external reserves rose to $50.45 billion on Feb. 16, their highest level in 13 years.
• The reserve stock covers 9.68 months of imports of goods and services.
• Net foreign exchange reserves increased to $34.80 billion at end-2025 from $23.11 billion a year earlier.

Nigeria’s gross external reserves climbed to $50.45 billion as of Monday, Feb. 16, their highest level in thirteen years, according to an announcement published on March 3, by the Central Bank of Nigeria.

The reserve stock provides coverage for 9.68 months of imports of goods and services, which signals a strengthening of the country’s external position.a

Net foreign exchange reserves also increased. Authorities reported that net reserves reached $34.80 billion at the end of December 2025, compared with $23.11 billion a year earlier. Over the full year 2025, gross reserves rose from $40.19 billion to $45.71 billion.

Governor Olayemi Cardoso said this momentum enhances Nigeria’s capacity to meet its external obligations and support exchange rate stability.

Naira and Inflation: Signs of Stabilization

These developments occur as Nigeria continues to face structural naira depreciation following the liberalization of the exchange rate regime launched by the administration of President Bola Ahmed Tinubu.

However, data from XE Converter show that the naira recorded a temporary appreciation between March 2025 and March 2026. The currency strengthened from 1,499.38 per dollar to 1,359.34 per dollar over the period.

At the same time, inflation continued to ease. Consumer price growth fell to 15.10% in January 2026, its lowest level since the 34.19% peak recorded in June 2024.

Governor Cardoso said these indicators validate the reforms undertaken and the adjustments implemented in the external sector. He reaffirmed the Central Bank’s commitment to preserving adequate buffers, ensuring orderly foreign exchange market operations and maintaining macroeconomic stability.

This article was initially published in French by Charlène N'Dimon

Adapted in English by Ange J.A de Berry Quenum