Lagos, Jan. 28, 2026 (NAN) An economist, Prof. Tunde Adeoye, says the nation’s external reserves standing at 46 billion dollars will extend the country’s import cover and signal growing investor confidence in the economy.
Adeoye of the Department of Economics, University of Lagos, made the remarks in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
He stressed that the Central Bank of Nigeria (CBN) deserved commendation for the increase recorded in the external reserves.
“The Central Bank of Nigeria (CBN) governor and his team should be commended for their reforms, that brought stability in the macro economic environment and extend their importation cover.
“This increase has engender investors confidence and steady accretion in the reserves from Diaspora remittances as well as other sources,” Adeoye said.
He emphasised that it was imperative for the macroeconomic environment to be stable for the broader economy to benefit.
“Only when the macroeconomic environment is appropriates, that its will have a ripple effects on organisations and individuals through reduction in inflation.
“It will also improve the standard of living for the people,” Adeoye said.
He said the increase in external reserves was critical to economic growth, noting that reserves were often used to buffer the naira.
According to him, the increase will enhance the country’s standing with international credit rating agencies.
Similarly, Dr Uju Ogubunka, former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), acknowledged the rise in the country’s external reserves.
He, however, said the impact was yet to be fully felt by the populace.
“However the increases in the reserves is yet to be felt by the people due to the gaps in the economy.
“This caused by structural challenges in the economy and inadequate investment in infrastructural renewals over the years,” Ogubunka said.
He stressed that the rise in foreign reserves should discourage the government from securing additional foreign loans and help curb inflationary pressures.
“This will enhance the purchasing power of an average Nigerian who is often affected by the government economic reforms and weak institutions,” Ogubunka said.
NAN recalls that Nigeria’s external reserves crossed the 46 billion dollar mark for the first time in about eight years, highlighting steady accretion in reserve levels since 2025.
The development is based on the latest external reserves data released by the CBN and dated Jan. 22.
Data tracked by NAN show that Nigeria last recorded reserves at this level on Aug. 27, 2018, when they stood at 45.9 billion dollars.
The reserve build-up signals stronger buffers for import cover and currency stability as the country heads into a pre-election year.(NAN)
