Nigeria’s foreign exchange reserves surged to $58.81 billion on October 12, 2026, approaching their historic peak of about $58.91 billion recorded in November 2008, according to Central Bank of Nigeria (CBN) data.
The latest figure represents an increase of $3.73 billion from $55.08 billion recorded on October 9, marking a sharp rise in the country’s external reserves within three days.
The latest increase extends the upward movement recorded since September, when reserves climbed from $53.90 billion on September 1 to $54.93 billion at the end of the month.
Reserves subsequently rose to $54.95 billion on October 2 and $55.08 billion on October 9 before reaching the latest $58.81 billion level. Overall, the stock increased by $4.91 billion, or approximately 9.1%, between September 1 and October 12.
The development strengthens Nigeria’s external reserve position, which is an important buffer for meeting international payment obligations and supporting confidence in the foreign exchange market.
Nigeria’s net foreign reserves have also risen to $46 billion. However, net reserves differ from gross reserves because they account for certain foreign currency liabilities and other adjustments.
The latest increase comes amid efforts by the CBN to stabilise the foreign exchange market and improve investor confidence. The central bank has previously highlighted the importance of market reforms and consistent monetary policy in strengthening external-sector performance.
In September, the CBN cut its Monetary Policy Rate by 350 basis points, from 26.5% to 23%, while recalibrating the asymmetric corridor around the policy rate to improve monetary policy transmission.
The World Bank has also raised its forecast for Nigeria’s economic growth in 2026 to 4.3%, from 4.0% in 2025, projecting growth of 4.4% in both 2027 and 2028.
Despite the positive reserve figures, the available data do not establish the specific factors responsible for the sharp $3.73 billion increase recorded between October 9 and October 12.
The reserve milestone therefore signals an improvement in Nigeria’s external financial position, although its implications for exchange-rate stability will also depend on foreign exchange supply and demand, capital flows and other economic conditions.
