Figures cited by The Punch indicate a massive recovery in Nigeria’s foreign exchange position, with net reserves hitting $34.80 billion. This represents a staggering 772% increase from the lows recorded in previous years, bolstered by improved oil production and the successful unification of the exchange rate.
The Central Bank of Nigeria (CBN) attributed this growth to tighter monetary conditions and a significant reduction in the backlog of foreign exchange obligations. The surge provides a much-needed buffer for the Naira, which has shown relative stability in the first quarter of 2026 despite global geopolitical tensions.
BusinessDay and The Guardian verified these figures in their Wednesday reports. BusinessDay noted that “the reserve growth is the highest in over a decade,” while The Guardian quoted a financial analyst stating, “This liquidity surge is the primary reason the Naira has resisted the shocks of the ongoing Middle East conflict.”
Echotitbits take: Stability is the keyword here. With reserves at this level, the CBN has the “firepower” to intervene in the market if necessary. For businesses, this means more predictable planning and reduced volatility in import costs.
Source: Africa – https://africa.businessinsider.com/local/markets/nigerias-net-reserves-surge-772-to-dollar348bn-as-fx-reforms-boost-buffers/w2gxc0c, March 4, 2026
Photo credit: Africa
