Nigeria’s net foreign reserves have climbed to a record $46 billion, strengthening the country’s external financial position as improved foreign exchange market stability supports investor confidence, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has disclosed.
The latest figure represents an increase of more than $11 billion from the $34.80 billion recorded at the end of 2025. Gross foreign reserves have also reached an unprecedented $55 billion, marking a significant improvement in the country’s capacity to meet external financial obligations.
Cardoso announced the figures at the Nigeria-Asia Connectivity Dialogue on Thursday, October 8, 2026, linking the stronger reserves position to improved conditions in the foreign exchange market. The development, Brandspur Banking News Desk reports, comes as the naira maintains relative stability around N1,330 to the dollar in recent trading sessions.
Net foreign reserves provide a clearer picture of the funds available to the CBN after accounting for short-term foreign exchange liabilities, including swaps and forward contracts. The latest increase is particularly significant given the pressure on Nigeria’s external buffers during the foreign exchange crisis, when Cardoso disclosed that net reserves had fallen below $1 billion.
The current position represents a substantial recovery from 2023, when net foreign reserves stood at approximately $3 billion, according to the CBN governor.
Recent data also point to continued growth in gross reserves. The balance reached $54.08 billion on September 3 before rising to $54.61 billion on September 14, representing a year-on-year increase of $12.76 billion. The latest $55 billion figure has surpassed the CBN’s earlier projection of approximately $51.04 billion for the end of 2026.
The improvement in reserves coincides with relative stability at the official foreign exchange market, where the naira closed at N1,332.75 per dollar on October 7, compared with N1,331.50 the previous day. Turnover at the Nigerian Foreign Exchange Market also exceeded $1 billion on October 6, reaching $1.014 billion against $619.22 million recorded a day earlier.
For businesses and investors, stronger reserves and more predictable exchange rates could make it easier to plan transactions, manage foreign currency exposure and assess the risks associated with bringing capital into Nigeria. The CBN says the improved conditions are helping investors gain confidence in their ability to move funds into and out of the country.
The development comes amid a more favourable economic outlook, with the World Bank raising its forecast for Nigeria’s economic growth in 2026 to 4.3 per cent. The apex bank has also reduced its Monetary Policy Rate from 26.5 per cent to 23 per cent, alongside an adjustment to the asymmetric corridor around the benchmark rate.
Despite the improvement, the sustainability of the reserves growth and the stability of the naira will remain important indicators of Nigeria’s economic performance in the months ahead.
