Nigeria’s foreign exchange reserves have climbed to $58.81 billion as of October 12, 2026, the highest level since November 19, 2008 when reserves stood at about $58.91 billion.
Data from the Central Bank of Nigeria, CBN, shows a sharp build-up from $55.08 billion on October 9 to $58.81 billion on October 12, a gain of about $3.73 billion within three days.
The latest figure extends a steady upward run recorded since September, reinforcing Nigeria’s external buffer as the apex bank pushes to stabilise the foreign exchange market.
According to CBN data, reserves rose from approximately $53.90 billion on September 1 to $54.93 billion on September 30, an increase of $1.03 billion in September alone.
The momentum continued in October, with reserves at $54.95 billion on October 2 and $55.08 billion on October 9, before surging to $58.81 billion on October 12.
This represents a cumulative gain of $4.91 billion, or about 9.1 per cent, since September 1, although the data does not indicate the specific drivers of the sharp jump between October 9 and 12.
Year-on-year, reserves had risen by $12.76 billion to $54.61 billion as of September 14, 2026, reflecting improved external liquidity.
The CBN also reports that net foreign reserves have increased to $46 billion. Governor Olayemi Cardoso has attributed the trend to improved stability in the foreign exchange market and growing investor confidence.
Analysts note that gross and net reserves measure different aspects of external position and should not be treated as interchangeable.
The reserve build-up coincides with recent monetary policy adjustments and an improved growth outlook.
At its September 2026 meeting, the Monetary Policy Committee cut the Monetary Policy Rate, MPR, by 350 basis points from 26.5 per cent to 23 per cent, and recalibrated the asymmetric corridor around the MPR to +50/-300 basis points.
Meanwhile, the World Bank has revised Nigeria’s growth forecast for 2026 upward to 4.3 per cent from 4.0 per cent in 2025, projecting 4.4 per cent growth in both 2027 and 2028.
