Nigeria’s foreign-exchange reserves rose to $58.81 billion on 12 October 2026, their highest level since 19 November 2008, when the stock stood at approximately $58.91 billion.
Central Bank of Nigeria data show the reserves increased from $55.08 billion on 9 October to $58.81 billion three days later, a gain of about $3.73 billion. The latest figure continues the upward trajectory recorded through September and early October and strengthens the country’s external position amid efforts to stabilise the foreign-exchange market.
Steady Build-Up Through September and Early October
Reserves had been rising gradually during September, moving from about $53.90 billion on 1 September to $54.93 billion by 30 September—an increase of $1.03 billion over the month. The climb continued into October, reaching $54.95 billion on 2 October and $55.08 billion on 9 October before the sharper jump to $58.81 billion on 12 October.
The cumulative rise since 1 September totals $4.91 billion, or roughly 9.1 per cent. Available data do not identify the specific factors behind the large increase between 9 and 12 October.
Net Reserves and Confidence Signals
The improvement in gross reserves follows earlier gains. Year-on-year, reserves had risen by $12.76 billion to $54.61 billion as of 14 September 2026, reflecting stronger external liquidity.
Nigeria’s net foreign reserves have also increased to $46 billion. CBN Governor Olayemi Cardoso has attributed greater investor confidence in part to improved stability in the foreign-exchange market. Gross and net reserves measure different aspects of the external position and should not be treated as equivalent figures.
Policy Backdrop
The reserve accumulation comes against a backdrop of monetary-policy easing and a more constructive growth outlook. At its September 2026 meeting the Monetary Policy Committee cut the Monetary Policy Rate by 350 basis points, from 26.5 per cent to 23 per cent, and adjusted the asymmetric corridor around the rate to +50/-300 basis points.
Separately, the World Bank raised its forecast for Nigerian economic growth in 2026 to 4.3 per cent, from 4.0 per cent in 2025, and projects growth of 4.4 per cent in both 2027 and 2028.
