Nigeria’s Foreign Reserves Hit 8-Year High as Naira Stabilizes Amid Record Oil and Diaspora Inflows

Nigeria’s economic “shock absorbers” are stronger than they have been in nearly a decade. On Monday, fresh data from the Central Bank of Nigeria (CBN) revealed that the nation’s foreign exchange reserves have hit a staggering $49 billion, marking a triumphant turnaround for the country’s external buffers.

The $49 billion milestone is a massive leap from the $45.5 billion recorded at the end of 2025 and signals a newfound resilience in the Nigerian economy. This “fortress of dollars” is already having a visible effect on the streets; the Naira, which faced extreme volatility last year, has found a steady footing, trading at its strongest levels in two years as the CBN’s capacity to meet market demand increases.

“The reserves are no longer just coming from oil,” a senior central bank official stated during an economic brief on Monday. “We are seeing a harvest from our reforms. Foreign investors are returning because they can see price discovery is real, and our Diaspora community is sending home more capital than ever before.”

The surge comes as a relief to the manufacturing sector, which has long struggled with “dollar scarcity.” With current reserves now able to cover over 13 months of imports, the “scarcity” narrative is being replaced by one of “stability.” The $49 billion buffer acts as a vital insurance policy against global price shocks, particularly as oil production nears the 1.7 million mbpd mark.

Financial analysts are now keeping a close eye on the CBN’s $51 billion year-end target. With the momentum currently in Nigeria’s favor, the country is well on its way to achieving its biggest economic boom in a decade.

For the average Nigerian, the $49 billion headline isn’t just a number, it’s the backbone of a stabilizing currency and a sign that the “Renewed Hope” reforms are finally building a wall against inflation.