Nigeria has retained its position among Africa’s top five largest economies as its external foreign exchange reserves rose to about $46 billion, the highest level in nearly eight years. The reserve position was highlighted by Business Insider Africa, citing data released by the Central Bank of Nigeria, which showed the reserves standing at $46.01 billion in January 2026, their strongest level since 2018.
The reserve buildup reflects steady inflows recorded throughout 2025, supported by improved crude oil export earnings, foreign exchange market reforms, rising diaspora remittances and reduced fuel import costs. Business Insider Africa reported that the stronger external buffers have enhanced Nigeria’s import cover and improved confidence in the country’s macroeconomic outlook.
“This improvement in external reserves underscores the impact of ongoing reforms and stronger foreign currency inflows,” a Central Bank of Nigeria official said, as quoted by Business Insider Africa. The official added that sustained export performance and better FX liquidity management had contributed to the rebound.
Economists say the reserve growth strengthens Nigeria’s standing relative to regional peers and provides policymakers with greater capacity to manage external shocks. Analysts note that sustaining the gains will depend on stable oil production, disciplined fiscal management and continued confidence in foreign exchange reforms.
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