The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s net usable foreign exchange reserves stood at just $859 million in the second quarter of 2023, after accounting for identified short-term obligations.
CBN Deputy Governor, Corporate Services, Muhammad Sani Abdullahi, disclosed this on September 29, 2026, at the 38th Seminar for Finance Correspondents and Business Editors in Abuja.
Abdullahi said the figure represented Nigeria’s net usable reserves at the time, while outstanding foreign exchange forward claims had exceeded $7 billion, adding to uncertainty for businesses and investors.
The disclosure provides an indication of the foreign exchange pressures facing the country when the current CBN management took over in 2023, with limited usable reserves and significant outstanding obligations.
According to Abdullahi, the CBN subsequently took steps to address the accumulated foreign exchange commitments and improve transparency in the market.
The deputy governor’s remarks come as the apex bank highlights the rebuilding of Nigeria’s external buffers since 2023. The CBN has said the country’s gross external reserves have since risen significantly, crossing the $55 billion mark in September 2026, reflecting increased foreign exchange inflows, cleared FX backlogs, and sustained efforts to strengthen the external position.
The $859 million figure is therefore distinct from Nigeria’s headline gross external reserves, as it represents the amount the CBN described as net usable reserves after identified short-term obligations.
The disclosure underscores the scale of the foreign exchange position confronting the CBN in 2023 and the obligations that had to be addressed as the bank moved to stabilise the market.
