Corrigendum: Nigeria’s external reserves figure corrected following CBN data revision

An earlier version of this article reported that Nigeria’s external reserves had reached $58 billion, an 18-month high, based on figures published on the Central Bank of Nigeria’s website.

The CBN has since informed Nairametrics that the figure was incorrect and has updated the data on its website.

Nigeria’s external reserves stood at $55.07 billion as of October 9, 2026. This article has been updated accordingly, and corrections have been posted on our social media channels. We regret the error.

Foreign reserves at $55 billion

Nigeria’s foreign reserves had been increasing steadily through September, moving from approximately $53.90 billion on September 1 to $54.93 billion by September 30.

• The increase continued in October, with reserves reaching $54.95 billion on October 2 and $55.08 billion on October 9.
• The reserves rose from $53.90 billion on September 1 to $54.93 billion on September 30, representing an increase of $1.03 billion during the month.

Net reserves and investor confidence

The increase in gross foreign exchange reserves follows earlier gains reported by Nairametrics. Nigeria’s reserves had risen by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, reflecting an improvement in the country’s external liquidity position.

Nigeria’s net foreign reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has said that stability in the foreign exchange market is helping to strengthen investor confidence.

Gross foreign reserves and net foreign reserves measure different aspects of the country’s external position, so the figures should not be treated as interchangeable.

CBN cuts interest rate to 23%

The reserve increase comes amid changes in monetary policy and an improving economic outlook.

At its September 2026 Monetary Policy Committee meeting, the CBN reduced the Monetary Policy Rate (MPR) by 350 basis points, from 26.5% to 23%.

The committee also recalibrated the asymmetric corridor around the policy rate to +50/-300 basis points.

Meanwhile, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3%, from 4.0% in 2025, and projected growth of 4.4% in both 2027 and 2028.