Nigeria’s net foreign reserves hit historic $46bn

Nigeria’s net foreign reserves have hit an historic $46 billion, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has declared.

Cardoso disclosed this at the Nigeria-Asia Connectivity Dialogue on Thursday, adding that the country’s gross foreign reserves have reached an all-time high of $55 billion.

“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves are at US$46 billionm’’ he started.

‘’In addition to that, the foreign exchange market is stable. These are the things that give investors’ confidence. You can plan. You can bring in money and take it out,” he said.

In 2023, Cardoso announced Nigeria had about $3 billion in net foreign reserves.

The improvement is attributable to sustained rise in gross external reserves during 2026.

Nigeria’s gross foreign reserves crossed $54 billion in September, reaching $54.08 billion as of September 3.

Reserves subsequently rose to $54.61 billion as of September 14, representing a $12.76 billion increase year-on-year.

The latest position has crossed the $55 billion mark, according to Cardoso.

The reserve level is also above the CBN’s earlier projection of about $51.04 billion for the end of 2026.

The increase in reserves has strengthened Nigeria’s external liquidity position and provided the CBN with a larger buffer to manage foreign exchange pressures.

The improvement in reserves has coincided with greater stability in the official foreign exchange market, with the naira trading around the N1,330/$ level in recent sessions.

The naira closed at N1,332.75/$ at the Nigerian Foreign Exchange Market (NFEM) on October 7, compared with N1,331.50/$ on October 6.

The development also comes against an improving economic outlook, with the World Bank recently raising Nigeria’s 2026 growth forecast to 4.3%, from 4.0% in 2025, while projecting 4.4% growth in both 2027 and 2028.