Nigeria’s Net Reserves Up $11.2bn Since December, Now at $46bn

Nigeria’s net external reserves have risen to a record $46 billion, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who said the stronger position is making the foreign exchange market more predictable for investors.

Cardoso disclosed this at the Nigeria-Asia Connectivity Dialogue in Singapore. He said gross external reserves stood at an all-time high of $55.07 billion as of October 8, 2026.

He said the combination of larger reserves and a stable FX market gives investors confidence to plan. “You can bring in money and take it out,” he said.

The net figure is about $11.2 billion higher than the $34.80 billion recorded at the end of December 2025. Net reserves show the position after specified foreign-currency liabilities and obligations are deducted, so they give a clearer view of the country’s real buffers than the gross figure.

At the last Monetary Policy Committee briefing, Cardoso attributed the build-up to consistent policy and discipline. He said gross reserves were then above $55 billion, the highest in more than 18 years. He also named diaspora remittances as a key contributor.

Gross reserves had risen to $54.08 billion on September 3 and $54.61 billion on September 14, before reaching the current level.

The higher reserves could support the naira and the country’s ability to meet external payment obligations. However, the gains will last only if FX inflows continue, macroeconomic management stays disciplined and the currency market remains stable.