Nigeria foreign reserves reach $58.81 billion, highest in 18 years

foreign exchange reserves Central Bank of Nigeria economic stability external reserves monetary policy

Nigeria’s foreign exchange reserves reached $58.81 billion on October 12, 2026, marking the highest level for the country since November 2008. Data from the Central Bank of Nigeria (CBN) indicates a significant surge of $3.73 billion within a three-day period between October 9 and October 12.

This recent growth follows a steady upward trend observed throughout September and early October. Since September 1, reserves have increased by approximately $4.91 billion, representing a 9.1% rise. This progression strengthens Nigeria’s external position as monetary authorities work to stabilize the foreign exchange market and bolster investor confidence.

While the rapid increase between October 9 and October 12 is notable, the specific factors driving this short-term acceleration have not been identified. The rise follows a period of consistent growth, including a $1.03 billion increase recorded during the month of September.