Nigeria external reserves was once $3.97billion , around early 2023. While the foreign exchange backlog was $7 billion. This is according to Ogun State River Basin Director, Ayobami Oyalowo. The then President of the country was Muhammadu Buhari, and the Central Bank Governor, Godwin Emefiele, put the wrong data on the website of the Apex bank, which was 30.25 billion dollars. A lit of analysts argued this data, but there was no evidence to support their claims. Nigeria was owing Airlines and other international companies’ backlog of dollars.

As at today, according to Nairametrics, Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, marking the highest level in 13 years, as the Central Bank of Nigeria signalled stronger confidence in the country’s external position.

Nigeria trajectory from 3.93 billion dollars to 50.25 billion dollars is a tortuous journey, which can only be claimed by Cardoso

The turnaround started when Bola Ahmed Tinubu became the President of Nigeria on May 2023. On his inauguration, he started by unification of foreign exchange, where official and black market rates were united.

A lots of comments were made as the dollar to Naira rate depreciated. The dollar. 1 dollar to Naira was N634, at the end of the calendar year.

In 2024, After Olayemi Cardoso assume the leadership of the Apex bank, the measures implemented by the Governor led to increased liquidity, with net FX reserves reaching $23.1 billion. The naira ended 2024 at ₦1,535/USD. Trade balance increases, as Nigeria achieved a significant economic turnaround in 2024, posting a $6.83 billion balance of payments surplus driven by a $13.17 billion goods trade surplus, reversing deficits from 2022 and 2023. This surge was fueled by rising non-oil exports (up 24.6%) and reduced petroleum imports, with total merchandise trade in Q2 alone reaching ₦31.89 trillion. This is according to Nigeria Bureau Of Statistics, NBS

According to CEIC data, Nigeria foreign reserves was was measured at 42.8 USD bn in Sep 2025, Nigeria Exchange Rate against USD averaged 1,443.350 (USD/NGN) in Nov 2025, and close the year in December 2025, 0.0007 USD on 31 Dec 2025.exchange rate in 0.0007 USD.

According to foreign reserves, The recovery did not happen overnight. Reserves closed 2024 at approximately $40.8 billion and ended 2025 at $45.5 billion, a gain of nearly $4.7 billion in a single year. Momentum has only accelerated in 2026, with reserves crossing $46 billion in January, surpassing $47 billion by early February, and reaching $48.5 billion by mid-February. That is the highest level since mid-May 2013, nearly 13 years ago.

The drivers include improved foreign exchange inflows, stronger oil receipts, more disciplined reserve management, and tighter liquidity coordination by the CBN.