Nigeria’s foreign exchange reserves rose to $58.81 billion on the 12th of October 2026, their highest level in nearly 18 years, following a $3.73 billion increase in three days.
Data from the Central Bank of Nigeria showed that reserves climbed from $55.08 billion on October 9 to $58.81 billion on October 12, approaching the $58.91 billion recorded on 28th of November 2008.
The latest figure extends the upward trend recorded since September, strengthening Nigeria’s external financial buffer amid efforts by the CBN to stabilise the foreign exchange market.
CBN data showed that reserves rose from approximately $53.90 billion on September 1 to $54.93 billion on September 30, representing an increase of about $1.03 billion during the month.
The upward movement continued in October, with reserves standing at $54.95 billion on October 2 before rising to $55.08 billion on October 9 and $58.81 billion on October 12.
Overall, reserves gained approximately $4.91 billion, or 9.1 per cent, between September 1 and October 12. However, the available data does not explain the sharp increase recorded between October 9 and 12.
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Separately, the reserves had increased by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, reflecting an improvement in Nigeria’s external liquidity.
The CBN also reported that net foreign reserves had risen to $46 billion. Governor Olayemi Cardoso attributed the improvement to greater stability in the foreign exchange market and increased investor confidence.
Gross and net foreign reserves measure different aspects of a country’s external financial position and should not be treated as interchangeable.
The increase in reserves comes amid monetary policy adjustments and an improved economic 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. It also adjusted the asymmetric corridor around the benchmark rate to +50/-300 basis points.
Meanwhile, the World Bank raised its growth forecast for Nigeria in 2026 to 4.3 per cent, compared with 4.0 per cent in 2025. It projected growth of 4.4 per cent in both 2027 and 2028.
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