Nigeria’s foreign exchange (FX) reserves have climbed to $48.5 billion, marking the highest level recorded in nearly 13 years.

Data obtained from the Central Bank of Nigeria (CBN) show that the reserves reached $48.5 billion on Tuesday — the highest since May 14, 2013, when they stood at approximately $48.51 billion.

The figures indicate a steady year-to-date increase of 6.45 percent, or $2.94 billion, rising from $45.56 billion on January 1 to the current level. On Monday, the reserves were reported at $48.36 billion.

The CBN defines foreign exchange reserves as assets held by a monetary authority in foreign currencies to back liabilities and influence monetary policy.

In its outlook released on December 22, 2025, the apex bank projected that Nigeria’s external reserves would rise to $51.04 billion in 2026, driven by ongoing foreign exchange market reforms.

“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 CBN stated.

Earlier, on February 10, CBN Governor said the bank would do “whatever it takes” to protect the value of the naira while strengthening external reserves.

Looking ahead to 2030, he outlined the bank’s broader targets, including achieving single-digit inflation and expanding FX reserves through increased non-oil exports, foreign direct investment, and diaspora remittances.