Nigeria’s Foreign Reserves Surge to $46bn, Strengthening Economic Stability and Boosting Diaspora Confidence

Nigeria’s foreign reserves have risen to over $46 billion, marking the country’s strongest reserve position since 2018 and signalling renewed financial stability after years of economic turbulence. The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced the milestone during the Monetary Policy Department’s 20th anniversary colloquium in Abuja.

Cardoso said the new reserve level is a major achievement for the country, noting that it is sufficient to cover more than ten months of imports, a critical threshold that boosts Nigeria’s profile in global financial markets. He emphasised that the increase reflects improved foreign exchange inflows, disciplined monetary reforms and better management of the country’s external assets. According to him, ongoing efforts by the CBN to sanitise the FX market and restore confidence have begun yielding measurable results.

Economists believe the strengthened reserve position provides Nigeria with a more resilient buffer against global financial shocks and volatile oil prices. It may also help stabilise forex liquidity, reduce pressure on the naira and improve investor sentiment across key sectors reliant on imported machinery and raw materials.

The improved reserve outlook carries significant implications for Nigerians living abroad. A stronger reserve base is expected to enhance the reliability of remittance channels by reducing delays and limiting the volatility that often affects exchange rates. It also sends a clearer signal to diaspora investors that Nigeria’s financial environment is stabilising, making it safer for them to commit funds to businesses, real estate and long-term ventures back home.

For many Nigerians abroad who struggle with profit repatriation and FX access, the stronger reserve position could ease liquidity constraints and bring more predictability to financial transactions. It also boosts the government’s credibility as it seeks to attract structured diaspora funding through bonds, SME development programmes and targeted investment schemes.

Cardoso assured that the CBN will maintain its current policy direction to consolidate gains, attract more inflows and support long-term economic stability. Further updates are expected in the CBN’s upcoming policy brief.