Nigeria’s foreign exchange (FX) reserves rose to $46 billion on January 22, representing the highest in about eight years.

The current record is the highest since August 27, 2018, according to data from the Central Bank of Nigeria (CBN).

The data showed that the foreign reserves increased steadily by 0.99 percent or $450 million year-to-date, from $45.56 billion reported on January 1 to $46.01 billion on January 22.

Further checks showed that the FX reserves figure was $45.98 billion on January 21.

According to the CBN, FX reserves are assets held by a monetary authority in foreign currencies, used to back liabilities and influence monetary policy.

On December 22, 2025, the apex bank projected that the country’s external reserves would rise to $51.04 billion in 2026, saying the increase will be supported by FX reforms.

“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” CBN said.

The apex bank noted that the positive outlook builds on gains recorded in 2025, when Nigeria posted a balance of payments surplus of $5.8 billion, supported by a rise in external reserves to an estimated $45.01 billion, from $40.19 billion in 2024.

On December 4, 2025, Olayemi Cardoso, the CBN governor, said the external reserves gains reflect renewed confidence in the economy and improved stability in the foreign exchange market.

As part of its Food Bank and Giving Back drive, the bank impacted over 100,000 individuals in the communities with essential items and cash gifts, between November 2025 and January 2026, to alleviate the financial strain associated with the end of the year and beginning of the new year, underscoring the bank and Foundation’s unwavering commitment to fostering hope, and resilience among individuals living within the communities where it operates.

In Nigeria for instance, UBA Foundation’s outreach extended to beneficiaries across all the regions of the country, impacting homes, and IDP camps including the Daughter of Mercy Mother of Mary Orphanage Home in Abia; the Trinitarian Foundation for Orphans and the Helpless in Ebonyi; The Destitute Home Okobaba in Lagos; Oyiza Orphanage and Foster Foundation in Oyo; Itsoghena Orphanage Home in Edo; Enoima Children Home in Akwa Ibom; Yekope Orphanage in Kogi; IDP Camps in Niger and Borno; UMCN Orphanage Home in Taraba; Kebbi Children’s Home; and the Orphanage Home in Dutse, Jigawa.

In Africa, UBA Foundation’s humanitarian efforts and nutritional support were also replicated in the Benin Republic, Burkina Faso, Cameroon, Chad, Congo Brazzaville, Congo DRC, Côte d’Ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Senegal, Sierra Leone, Tanzania, Uganda, and Zambia, where several hundreds of thousands were also impacted.

The Managing Director/CEO, UBA Foundation, Bola Atta, who visited some of the orphanages including the Destitute Home Okobaba, Lagos where she distributed non-perishable food items and school materials to adults and students alike, emphasised the foundation’s belief in impacting lives all-year round, to create lasting effect and touch the lives of people in all areas, regardless of location and economic barriers.

She said, “At UBA Foundation, we believe that true development begins with compassion and action. Through our various Food Bank and Giving Back initiatives, we are not only providing nourishment and essential support but also restoring hope and creating pathways for children and families to learn, grow, and thrive. This is our commitment to Africa: to show up consistently, act responsibly, and leave no community behind.”

Explaining further, she said, “Our various interventions aim to support people by equipping them not only with the right tools but also with the essential nourishment required for cognitive development and physical well-being.”

The foundation has a long-standing tradition of philanthropy, with numerous initiatives across Africa, including the National Essay Competition, The Read Africa Project, Tree Planting for Sustainability, Health Outreaches, Each1 Teach 1, Kindness Connect, Food Bank, and others, aimed at empowering the underprivileged and poverty alleviation.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of education, environment, economic empowerment, and special projects.

Turkey has asked Nigeria to include its citizens in the country’s electronic visa (e-visa) system to simplify visa processing and strengthen bilateral ties.

Mehmet Poroy, the Turkish ambassador, made the request when he met Olubunmi Tunji-Ojo, Nigeria’s minister of interior, in Abuja on Tuesday.

In a statement issued on Tuesday, Mary Ali, the ministry’s head of press and public relations, said Mehmet sought Turkey’s inclusion in the system to ease business travel for Turkish investors.

According to Ali, the ambassador explained that the absence of a Nigerian visa office in Istanbul poses logistical challenges for Turkish applicants, who must travel to Ankara to complete visa processes.

“Tunji-Ojo assured that denying visas to genuine Nigerian or Turkish businesspeople is not in the interest of either country,” the statement reads.

“He emphasised the Ministry’s commitment to transparency, dialogue, and continuous improvement in visa administration, while reaffirming Nigeria’s openness to legitimate investors and international business partners.”

The ministry’s spokesperson said the minister and the ambassador also discussed faster visa processing for Nigerian business travellers to Turkey, concerns over visa clarity for Turkish investors visiting Nigeria, and verification of documents, including marriage certificates.

She said Tunji-Ojo clarified that all marriage certificates issued under Nigerian law are constitutionally valid and should not require additional verification.

Both sides reaffirmed commitments to transparent, practical visa policies, openness to legitimate investors, and broader diplomatic cooperation.

In November, Poroy said Ankara authorised its embassy in Abuja to issue visas directly to Nigerian business travellers without seeking clearance from Turkey.

He said the step was a major boost for economic cooperation between both countries.