Nigeria’s net foreign reserves have risen to a record $46 billion, while gross external reserves have climbed to an all-time high of $55 billion, reflecting an improvement in the country’s external liquidity position and foreign exchange market stability, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso disclosed the figures at the Nigeria-Asia Connectivity Dialogue on Thursday, October 8, 2026, attributing the improvement in investor confidence to stronger external reserves and greater stability in the foreign exchange market.
Cardoso said the developments would enable investors to plan their investments more effectively, bring funds into Nigeria and repatriate their capital when necessary.
“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.
The latest net reserve position represents an increase of $11.2 billion from the $34.80 billion recorded at the end of 2025, signalling a substantial improvement in Nigeria’s external financial buffers.
Net foreign reserves measure the CBN’s foreign exchange assets after deducting certain short-term liabilities, including foreign exchange swaps and forward obligations. The measure provides a clearer indication of the reserves available to support external payments after accounting for such liabilities.
The latest figures also mark a significant recovery from the position in 2023, when Cardoso said Nigeria’s net foreign reserves stood at about $3 billion. According to the CBN governor, the figure had fallen below $1 billion at the peak of the country’s foreign exchange crisis.
Nigeria’s gross external reserves have maintained an upward trajectory in 2026, crossing $54 billion in September. The reserves stood at $54.08 billion as of September 3 before rising to $54.61 billion as of September 14, representing a year-on-year increase of $12.76 billion.
The latest disclosure of $55 billion places the reserve position above the CBN’s earlier projection of approximately $51.04 billion for the end of 2026.
The increase in reserves comes amid efforts to stabilise the foreign exchange market, improve dollar liquidity and strengthen confidence in Nigeria’s macroeconomic outlook.
The improvement in external reserves has coincided with relative stability in the official foreign exchange market, where the naira has traded around N1,330 per dollar in recent sessions.
Data from the Nigerian Foreign Exchange Market showed that the naira closed at N1,332.75 per dollar on October 7, compared with N1,331.50 per dollar on October 6.
The exchange rate traded between N1,330.50 and N1,332.99 per dollar on October 7, while the weighted average rate stood at N1,331.7679 per dollar.
Foreign exchange market turnover also exceeded $1 billion on October 6, reaching $1.014 billion, compared with $619.22 million recorded on October 5.
The relatively narrow trading range and higher market turnover point to improved trading activity and reduced short-term exchange-rate volatility, although sustained stability will depend on the availability of foreign exchange and underlying demand and supply conditions.
The reserve improvement also comes against the backdrop of changes in monetary policy and a more favourable economic growth outlook.
The CBN’s Monetary Policy Committee recently reduced the Monetary Policy Rate by 350 basis points to 23 per cent from 26.5 per cent. The committee also adjusted the asymmetric corridor around the benchmark rate to +50 and -300 basis points.
The CBN described the corridor adjustment as an operational reset intended to improve the effectiveness of monetary policy rather than a change in its prevailing policy stance.
Meanwhile, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3 per cent, from 4.0 per cent in 2025, and projected growth of 4.4 per cent in both 2027 and 2028.
While the stronger reserve position provides an improved buffer against external shocks, its sustainability will depend on the country’s ability to generate foreign exchange inflows, manage external obligations and maintain confidence in the foreign exchange market.