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NIGERIA FOREIGN RESERVES
The naira depreciated by N28 against the US dollar to close at N1,365/$ on October 22, 2026, marking its sharpest single-day decline since April 2025.
The naira weakened by 0.11% to close at N1,334.99 per dollar on Tuesday, October 20, 2026, from N1,333.50/$ in the previous session.
The naira closed at N1,333.50 per dollar on Monday, October 19, 2026, appreciating slightly from N1,334.20/$ recorded on Friday, October 16, despite fluctuations in foreign exchange market activity.
The naira weakened to N1,335.50 per dollar on October 13, 2026, its weakest closing level since August, as the currency extended its losses after trading around N1,333 in previous sessions.
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.
The naira traded near N1,333 per dollar on Monday, October 12, 2026, as reported turnover in the Nigerian Foreign Exchange Market (NFEM) fluctuated sharply across trading sessions.
Nigeria’s foreign exchange reserves rose by approximately $115 million in six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September.
Fitch Ratings has revised Nigeria’s credit outlook to Positive from Stable while affirming its long-term issuer default ratings at ‘B’.
The Nigerian currency is projected to trade stable to bullish, with a 6-month target in the N1,250/$-1350/$ corridor, supported by CBN interventions and market confidence.
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.
The bulk of the money used to fund Nigeria's foreign reserves comes from the export of gas and oil to other nations
Fitch Ratings has projected that Nigeria's foreign reserves would increase to $43 billion in 2022, up from $40.5 billion at the end of 2021.