CBN Governor Olayemi Cardoso says stronger external buffers and a stable forex market are boosting investor confidence…..
Nigeria’s net foreign exchange reserves have climbed to $46 billion, while gross external reserves have reached a record $55 billion, strengthening the country’s capacity to meet external obligations and improving investor confidence, Central Bank of Nigeria Governor Olayemi Cardoso has said.
Cardoso disclosed the figures on Thursday at the Nigeria-Asia Connectivity Dialogue, attributing the improved outlook to stronger external reserves and greater stability in the foreign exchange market.
The latest net reserve figure represents an increase of about $11 billion from the $34.80 billion recorded at the end of December 2025, marking a significant improvement in Nigeria’s external liquidity position.
Net foreign reserves measure the CBN’s foreign exchange holdings after accounting for certain near-term liabilities, including obligations arising from foreign exchange swaps and forward contracts. The figure provides a clearer indication of the reserves available to support immediate external payments.
The latest disclosure also marks a substantial recovery from the period of severe foreign exchange pressure in 2023, when Cardoso said Nigeria’s net reserves had fallen below $1 billion at the height of the crisis.
Speaking at the event, the CBN governor said the country’s stronger reserve position and improved forex market conditions were creating a more predictable environment for investors.
“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves is at US$46 billion. 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.
Gross reserves have recorded steady growth in 2026. Nigeria’s external reserves crossed $54 billion in September, reaching $54.08 billion as of September 3 before rising to $54.61 billion by September 14.
The increase to $55 billion places reserves above the CBN’s earlier projection of approximately $51.04 billion by the end of 2026.
The stronger reserve position has coincided with relative stability in the official foreign exchange market, where the naira has traded around N1,330 to the dollar in recent sessions.
At the Nigerian Foreign Exchange Market, the naira closed at N1,332.75 per dollar on October 7, compared with N1,331.50 on October 6.
Trading activity also strengthened during the period, with foreign exchange turnover reaching $1.014 billion on October 6, up from $619.22 million the previous day.
CBN data showed that the naira traded within a range of N1,330.50 to N1,332.99 per dollar on October 7, with a weighted average rate of N1,331.7679.
The relatively narrow trading range follows a period of significant exchange-rate volatility after the introduction of foreign exchange market reforms.
The improvement in external reserves and currency stability comes amid a more positive economic outlook. The World Bank recently raised its forecast for Nigeria’s economic growth in 2026 to 4.3 per cent, from 4.0 per cent in 2025, and projected growth of 4.4 per cent in both 2027 and 2028.
Monetary policy has also shifted, with the CBN reducing its Monetary Policy Rate by 350 basis points, from 26.5 per cent to 23 per cent, at its September Monetary Policy Committee meeting.
The committee also adjusted the asymmetric corridor around the policy rate to plus 50 and minus 300 basis points.
The CBN described the adjustment as an operational reset aimed at improving the effectiveness of monetary policy, rather than a change in the committee’s overall policy stance.
With net reserves now at $46 billion and gross reserves at a record $55 billion, the CBN says Nigeria is better positioned to meet external obligations and provide investors with greater confidence in the stability of the foreign exchange market.
