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.
Nigerian Stock Exchange closes year with N533bn gain
The Nigerian equities market closed the year on a strong footing on Wednesday, extending its consecutive gains and adding N533bn to investors’ wealth.
The positive performance was driven by Aluminium Extrusion Industries, Austinlaz, Meyer, Cileasing, Union Dicon Salt and 42 other advancing stocks.
Specifically, the market capitalisation, which opened at N98.376tn, gained N533bn to close at N98.843tn.
The All-Share Index also rose by 0.37 per cent, or 578.31 points, to settle at 155,613.03, compared with 155,034.72 recorded on Tuesday.
While the year-to-date return closed at 51.19 per cent, market breadth ended positive, with 47 gainers and 16 losers.
Aluminium Extrusion Industries led the gainers’ chart with a 9.90 per cent increase to close at N21.65. Austinlaz followed with a 9.82 per cent rise to N4.25, while Meyer gained 9.75 per cent to end the session at N12.95 per share.
Also, Cileasing climbed by 9.60 per cent to close at N6.85, while Union Dicon Salt rose by 9.52 per cent to settle at N6.90 per share.
On the losers’ chart, Neimeth International Pharmaceuticals declined by 9.38 per cent to N5.80. Tantalizers followed with a 6.72 per cent drop to N2.50, while International Breweries shed 4.44 per cent to close at N14 per share.
NPF Microfinance Bank fell by 3.13 per cent to N3.71, while Vitafoam dipped by 3.06 per cent to end the session at N92 per share.
However, Chams led the activity chart with 710.28 million shares traded, while Aradel recorded the highest value of transactions at N9.52bn.
Meanwhile the NGX recorded a significant increase in value in 2025, with total market capitalisation rising by N36.46tn year-to-date, reflecting sustained investor confidence and renewed interest in equities.
According to the capital market analysis by Punch newspaper on Thursday, at the beginning of the year, trading on Thursday, 2 January 2025, opened with a market capitalisation of N62.92tn and an All-Share Index of 103,180.14 points.
By the end of February, on Friday, 28 February 2025, the market capitalisation had climbed to N67.19tn, while the All-Share Index advanced to 107,821.39 points, underscoring the steady upward momentum in the equities market.
GIK/APA
