Naira Remains Stable as External Reserves Surpass $48.5bn
Nigeria’s currency landscape is showing fresh signs of stability as the naira holds firm across major foreign exchange (FX) markets, supported by a significant rise in the nation’s external reserves, which climbed past the $48.5 billion mark — the highest level in nearly 13 years.
Recent data published by the Central Bank of Nigeria (CBN) reveal that as of February 17, 2026, the country’s gross external reserves rose to $48.50 billion, a notable milestone from figures below that level in late 2025 and a strong indication of rebuilding external buffers after years of volatility. This uptrend reflects improved foreign exchange inflows, tighter liquidity management and renewed investor confidence in Nigeria’s macroeconomic framework.
The stability in reserves has translated into a relatively steady performance for the naira. On official FX trading floors, the currency depreciated only marginally, ending the trading session slightly weaker against the dollar, while in the parallel market the naira strengthened, narrowing the spread between official and unofficial rates. This convergence suggests improving market efficiency and reduced arbitrage opportunities.
Contributing to stronger reserves are heightened capital inflows, including robust capital importation that surged in 2025 to multi-year highs, and renewed interest from foreign investors in Nigerian debt instruments. Analysts also point to structural reforms and policy measures aimed at enhancing transparency and sustainability in FX operations
Despite these gains, challenges remain. Bureau de Change operators have yet to fully re-enter formal FX trading, and sustained progress will depend on continued macroeconomic reforms, disciplined reserve management and expansion of non-oil foreign exchange earnings.
Overall, the upward trajectory of reserves and the relative firmness of the naira offer a foundation for strengthening market confidence, improving import cover and supporting Nigeria’s broader economic resilience.
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