FX Buffers Strengthen as Reserves Gain $2bn in One Month to $47.8bn

Nume Ekeghe

Nigeria’s foreign exchange reserves climbed to $47.81 billion as of February 12, 2026, reinforcing the external buffers that have been steadily rebuilding since mid-2025. 

The latest figures from the Central Bank of Nigeria (CBN) showed that reserves rose from $45.78 billion on January 13, 2026, a $2.03 billion gain or 4.43 per cent increase in just one month, as sustained foreign exchange inflows continued to bolster the country’s liquidity position.

The recent build-up in reserves follows a strong second-half recovery last year, when external buffers rebounded from levels below $38 billion to finish 2025 on an upward trajectory. After sliding to $37.21 billion in June 2025, reserves surged to $39.36 billion in July before climbing to $41.31 billion in August.

The upward trend carried through the remainder of 2025, with reserves rising to $42.35 billion in September, $43.20 billion in October, and $44.67 billion in November. 

By the end of December, reserves had reached $45.50 billion, and the momentum carried into the new year with January’s $46.28 billion position before the strong jump recorded in February.

On a year-on-year basis, the reserve stock has expanded significantly. From approximately $40.88 billion at end-December 2024, reserves have risen by nearly 17 per cent to $47.81 billion, reflecting the cumulative impact of stronger oil receipts, robust remittance inflows through formal channels and renewed participation by foreign investors in Nigeria’s fixed-income market. 

At nearly $48 billion, Nigeria’s reserve buffers provide stronger import cover and greater confidence in the country’s ability to navigate a challenging global environment marked by financial volatility and commodity price fluctuations.