Nigeria’s net foreign reserves reach record $46 billion

Nigeria’s net foreign exchange reserves have reached a record $46 billion, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking at the Nigeria-Asia Connectivity Dialogue in Singapore, Cardoso noted that gross external reserves have also climbed to an all-time high of $55.07 billion as of October 8, 2026.

The net reserve figure marks an increase of approximately $11.2 billion from the $34.80 billion recorded at the end of December 2025. Cardoso attributed this growth to sustained policy discipline and consistency in approach, noting that gross reserves have reached their highest level in over 18 years.

These strengthened external buffers are intended to improve the country’s liquidity position, stabilize the foreign exchange market, and boost investor confidence. Cardoso stated that the combination of higher reserves and market stability allows investors to better plan, bring capital into the country, and repatriate funds.