Nigeria’s foreign exchange reserves recorded their slowest monthly increase in 2026 in October, adding just $295.35 million despite maintaining an upward trajectory above the $55 billion threshold.
Data from the Central Bank of Nigeria (CBN) show that gross external reserves rose from $54.93 billion at the end of September to $55.22 billion as of October 30.
The latest increase represents a significant slowdown compared with the $1.12 billion growth recorded in September and the $1.88 billion accumulated in August.
The reserves opened October at $54.95 billion on October 2, climbed gradually to approximately $55.26 billion on October 27, before easing to $55.22 billion at the end of the month.
The October performance was the weakest positive monthly movement recorded so far in 2026, reflecting a moderation in the pace of reserve accumulation.
February recorded the strongest increase, with reserves rising by approximately $3.41 billion. This was followed by declines of $455.52 million in March and $874.45 million in April.
The reserves recovered in May, adding about $1.22 billion, while June recorded an increase of $1.88 billion.
Growth slowed to $464.87 million in July before rebounding by approximately $1.88 billion in August and $1.12 billion in September.
Despite the slower accumulation in October, Nigeria’s gross foreign reserves remained above $55 billion, providing a stronger external buffer than at the beginning of the year.
The country’s net foreign reserves have also strengthened, rising to a record $46 billion, although the measure differs from gross reserves because it accounts for certain short-term foreign currency liabilities and other adjustments.
Meanwhile, the naira came under renewed pressure in October, reversing about 42 per cent of the gains recorded between July and September.
The currency weakened from N1,329.50 per dollar at the end of September to N1,346 per dollar on October 30.
The slower reserve growth and renewed pressure on the naira highlight the importance of sustaining foreign exchange inflows and strengthening external buffers as Nigeria manages currency stability and broader macroeconomic challenges.
