Nigeria’s foreign exchange reserves have been projected to decline to $47 billion by the end of 2026, despite ongoing reforms aimed at stabilising the economy.
Rating agency, Fitch Rating, disclosed this in a statement.
Affirming Nigeria’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook, Fitch said the rating reflects Nigeria’s large economy, liquid domestic debt market, and improvements in its monetary and exchange rate framework.
The rating agency noted that while reserves have strengthened significantly in recent months, they are expected to face pressure.
It says gross FX reserves rose to USD49.4 billion at the end of March 2026, from USD32 billion in mid-April 2024.
“We forecast a marginal decline to USD47 billion at end-2026, reflecting higher spending pressures and external risks.
“However, we expect reserves to cover seven months of current external payments, well above the ‘B’ median of 4.3 months,” the statement reads.
