Nigeria’s gross external reserves increased from about $33.2 billion in January 2024 to $45.9 billion as of January 16, 2026, representing a net build-up of approximately $12.7 billion over 24 months.
This translates to an average reserve accretion of about $530 million per month, according to the data from the Central Bank of Nigeria (CBN).
The growth trajectory was gradual and sequential, not episodic. Reserves crossed the $36 billion mark by mid-2024, exceeded $40 billion in early 2025, and accelerated into the $44–46 billion range in the second half of 2025, before peaking at $45.9 billion in January 2026.
There were no sharp drawdowns during the period, indicating controlled FX utilisation.
Critically, the reserve build-up coincided with a compression in blocked reserves, meaning accumulation was not driven by short-term swaps or encumbered inflows.
By January 2026, blocked reserves had fallen to about 1.20% of total reserves, materially improving the usable FX buffer.
From a policy standpoint, the increase strengthens external payment capacity, improves FX market credibility, and enhances the Central Bank’s intervention optionality, even though it does not eliminate structural FX demand pressures.
The data confirms that Nigeria’s reserve position has shifted from recovery mode to consolidation, with quality improving alongside size.
