Nigeria’s foreign reserves hit $58.81 billion, highest in 18 years

Nigeria’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their highest level since November 19, 2008, when reserves stood at approximately $58.91 billion.

Data from the Central Bank of Nigeria (CBN) showed that the reserves increased from $55.08 billion on October 9 to $58.81 billion on October 12, representing a gain of about $3.73 billion in the latest reported movement.

The latest figure extends the upward trend recorded in September and early October, strengthening Nigeria’s external reserve position amid efforts to stabilise the foreign exchange market.

Foreign reserves rise above $58 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 before climbing to $58.81 billion on October 12.
• 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. The reserves climbed further to $54.95 billion on October 2 and $55.08 billion on October 9 before surging to $58.81 billion on October 12.
• The latest figure represents an increase of $3.73 billion between October 9 and October 12, bringing the cumulative gain since September 1 to $4.91 billion, or approximately 9.1%.

The latest reserve level marks a significant milestone in the country’s external reserve position, although the supplied data do not establish the specific factors behind the sharp increase between October 9 and October 12.

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.