Nigeria’s net foreign reserves rise to record $46 billion

Nigeria’s net foreign reserves have risen to $46 billion, while stability in the foreign exchange market is helping to strengthen investor confidence, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said.

Cardoso disclosed this at the Nigeria-Asia Connectivity Dialogue on Thursday, adding that the country’s gross foreign reserves have reached an all-time high of $55 billion.

According to the CBN governor, the combination of stronger external reserves and a more stable FX market is giving investors greater confidence to plan, bring funds into Nigeria and repatriate their investments.

Nigeria’s net reserves rise sharply

Cardoso’s latest disclosure represents a significant improvement from the position in 2023, when he said Nigeria had about $3 billion in net foreign reserves.

The improvement has come alongside a sustained rise in gross external reserves during 2026.

• “The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves is at US$46 billion. In addition to that, the foreign exchange market is stable. These are the things that give investors confidence. You can plan. You can bring in money and take it out,” he said.

Nigeria’s gross foreign reserves crossed $54 billion in September, reaching $54.08 billion as of September 3.

Reserves subsequently rose to $54.61 billion as of September 14, representing a $12.76 billion increase year-on-year.

The latest position has now crossed the $55 billion mark, according to Cardoso.

The reserve level is also above the CBN’s earlier projection of about $51.04 billion for the end of 2026.

The increase in reserves has strengthened Nigeria’s external liquidity position and provided the CBN with a larger buffer to manage foreign exchange pressures.

FX market remains stable

The improvement in reserves has coincided with greater stability in the official foreign exchange market, with the naira trading around the N1,330/$ level in recent sessions.

• The naira closed at N1,332.75/$ at the Nigerian Foreign Exchange Market (NFEM) on October 7, compared with N1,331.50/$ on October 6.
• NFEM turnover also crossed $1 billion earlier in the week, reaching $1.014 billion on October 6, compared with $619.22 million on October 5.
• The CBN data showed that the naira traded between N1,330.50/$ and N1,332.99/$ on October 7, with a weighted average rate of N1,331.7679/$.
• The relatively narrow trading range comes after a period of significant exchange-rate volatility following the FX market reforms.

The development also comes against an improving economic outlook, with the World Bank recently raising Nigeria’s 2026 growth forecast to 4.3%, from 4.0% in 2025, while projecting 4.4% growth in both 2027 and 2028.

The CBN announced a reduction of the Monetary Policy Rate (MPR) by 350 basis points to 23% from 26.5%.

At the same MPC meeting, the committee recalibrated the asymmetric corridor around the Monetary Policy Rate (MPR) to +50/-300 basis points.

CBN said the adjustment was an operational reset intended to improve the effectiveness of monetary policy, rather than a change in the committee’s current policy stance.