Nigeria’s foreign reserves add $295 million in October, slowest monthly increase in 2026

Nigeria’s gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly growth recorded so far this year.

Data from the Central Bank of Nigeria (CBN) show that reserves rose from $54.93 billion at the end of September to $55.22 billion on October 30, 2026.

The increase extends the country’s reserve accumulation trend, although the pace of growth has moderated compared with previous months.

Foreign reserves record slower October growth

The reserves opened October at $54.95 billion on October 2 and rose gradually during the month, reaching a high of approximately $55.26 billion on October 27 before easing to $55.22 billion by October 30.

The October increase was the smallest among the months that recorded positive growth in 2026.

• February recorded the largest monthly increase, with reserves rising by approximately $3.41 billion.
• May and June recorded gains of about $1.22 billion and $1.88 billion, respectively.
• July added approximately $464.87 million, while August and September recorded increases of about $1.88 billion and $1.12 billion.
• October’s $295.35 million increase was below all these positive monthly movements.

The figures indicate that although Nigeria continued to build its external reserves in October, the pace of accumulation slowed considerably compared with the preceding months.

Monthly reserve movements show uneven growth

The reserve data show that Nigeria’s external position experienced both increases and declines during the year, with the strongest accumulation occurring in February and the most recent months recording smaller additions.

• February recorded the largest monthly increase of approximately $3.41 billion. Reserves then declined by about $455.52 million in March and a further $874.45 million in April, marking two consecutive months of contraction.
• The trend reversed in May, when reserves increased by approximately $1.22 billion, followed by a gain of $1.88 billion in June. July recorded a smaller addition of about $464.87 million, before reserves rose by another $1.88 billion in August. September added approximately $1.12 billion, while October’s $295.35 million increase was the smallest positive monthly movement recorded in 2026.

Despite the slower growth in October, gross reserves remained above the $55 billion mark at the end of the month, providing a larger external buffer than at the beginning of 2026.

Net reserves and naira performance

Nigeria’s external reserve position has also attracted attention following improvements in its net foreign reserves, which rose to a record $46 billion, according to an earlier report by Nairametrics.

• Net reserves provide a different measure of the country’s external position from gross reserves, as they account for certain short-term foreign currency liabilities and other adjustments.
• Meanwhile, the naira experienced some pressure in October after recording gains in the preceding three months.

The currency reversed about 42% of its July–September gains, weakening from N1,329.50/$ at the end of September to N1,346/$ on October 30.