FX reserves will hit $51bn by 2026

The Central Bank of Nigeria predicts external reserves will climb to $51.04bn in 2026, up from $45bn in 2025.

This projection was contained in the Macroeconomic Outlook for Nigeria, 2026, titled ‘Consolidating Macroeconomic Stability Amid Global Uncertainty’, published by the CBN on Tuesday.

The PUNCH reported that Nigeria’s external reserves as of Monday, 29 December 2025, stood at $45.45bn, following days of steady accretion.

“The external reserves are projected at $51.04bn in 2026, compared with $45.01bn in 2025. The external reserves are expected to be boosted by reduced pressure in the FX market based on the anticipated rise in oil earnings, sovereign bond issuance, and diaspora remittance inflows.

“Additionally, Dangote refinery’s expansion of its nameplate capacity to 700,000 bpd from 650,000 bpd in 2025 and eventually to 1.4 million bpd in the medium term would further support the growth in external reserves,” the report read.