The Central Bank of Nigeria (CBN) has projected the country’s external reserves to reach $51.04 billion by the end of 2026.
The estimate appears in the CBN’s 2026 Macroeconomic Outlook for Nigeria.
This marks an increase from the projected $45.01 billion for 2025.
Higher oil earnings, sovereign bond issuance, and sustained diaspora remittances drive the anticipated growth.
Foreign exchange market reforms and expanded domestic refining capacity further support reserve accumulation.
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Increased output from the Dangote Refinery, targeting 700,000 barrels per day in 2025 and 1.4 million later, reduces import dependency.
Lower fuel import bills ease foreign exchange demand and bolster reserves.
Reforms enhance market efficiency, transparency, and narrow premiums between official and parallel rates.
The outlook signals reduced FX market pressure and improved external buffers.
Stronger reserves enhance import cover, debt servicing capacity, and resilience against shocks in Nigeria’s balance of payments position.
