The Central Bank of Nigeria (CBN) says that external reserves of Nigeria will climb to $51.04bn in 2026, up from $45bn in 2025.
The CBN The stated in its Macroeconomic Outlook for Nigeria in 2026, titled ‘Consolidating Macroeconomic Stability Amid Global Uncertainty’, published on Tuesday, that 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 Foreign Exchange (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.
In the FX market, the apex bank noted that reforms are expected to further enhance efficiency and transparency, narrow the premium between the Nigerian Foreign Exchange Market and Bureau de Change rates, and sustain exchange rate stability. In addition, improved domestic oil refining capacity is expected to reduce foreign exchange demand for fuel imports.
On inflation, the CBN anticipates that headline inflation will decelerate further to 12.94 per cent in 2026, driven by a combination of factors, and is expected to come down to 10.75 per cent in 2027.
GIK/APA