Nigeria’s foreign exchange reserves have risen to $55.1 billion, their highest level in 18 years, as the Central Bank of Nigeria (CBN) says the country’s stronger external buffers are helping protect the economy from global shocks.
Olayemi Cardoso, governor of the CBN, disclosed this at the IMF–World Bank Annual Meetings in Bangkok, where he highlighted the role of rising reserves, exchange rate stability and efforts to reduce inflation in strengthening Nigeria’s economic resilience.
The country’s gross external reserves stood at $55.1 billion as of October 13, 2026, providing additional capacity to withstand external pressures, including geopolitical tensions and uncertainty surrounding global trade tariffs.
“What we’ve been able to accomplish in terms of having very robust external reserves, highest in 18 years, is also something that affects the ordinary person,” Cardoso said.
“Without that, a lot of the headwinds that other countries face, we would be facing them, in fact, in a perhaps worse way than they are facing.”
The CBN governor said Nigeria’s policy reforms had strengthened its ability to withstand external economic shocks, arguing that the benefits of the country’s improving macroeconomic position extend beyond financial markets to households and businesses.
He also pointed to the naira’s relative stability and appreciation, saying movements in the exchange rate have direct and indirect implications for economic activities and living costs.
“Our exchange rate has held stable, in fact, has appreciated, as a result of which it has a direct effect, or indirect effect on everybody,” he said.
Cardoso maintained that Nigerians were benefiting from recent economic policy gains, arguing that the absence of stronger reserves and exchange rate stability would have exposed the country to more severe external pressures.
“You do, you feel it, definitely feel it. If it wasn’t there, then you would feel it in a very negative way,” he said.
He also identified inflation reduction as a critical factor in improving household welfare, particularly for low-income earners whose purchasing power is more vulnerable to rising prices.
“Arguably the most vicious tax you have on the poor is inflation. And being able to bring down inflation obviously affects the ordinary person. It affects everybody,” Cardoso said.
The governor urged Nigerians to recognise positive economic developments rather than dismissing the gains recorded under the ongoing reforms.
“I think Nigerians tend to perhaps be their worst enemies. The good things that we see, we want to trash away, is the bad things that we want to push out. Unfortunately, in this case, it’s nothing bad,” he said.
Nigeria’s external reserves have recorded sustained growth since the beginning of September, strengthening the country’s foreign exchange buffer.
The reserves rose from approximately $53.90 billion on September 1 to $54.93 billion on September 30, representing an increase of $1.03 billion during the month.
The upward trend continued in October, with reserves reaching $54.95 billion on October 2 and $55.08 billion on October 9 before rising to $55.1 billion on October 13.