Nigeria’s net external reserves have risen to a record $46 billion, strengthening the country’s external financial buffers as the Central Bank of Nigeria (CBN) points to improved foreign exchange market stability and growing investor confidence.
CBN Governor Olayemi Cardoso disclosed the figures at the Nigeria-Asia Connectivity Dialogue in Singapore, where he said stronger reserves and more predictable foreign exchange transactions were improving investors’ ability to move capital into and out of Nigeria.
Cardoso also reported that gross external reserves had reached an all-time high of $55.07 billion as of October 8, 2026.
“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves at $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.
The net reserves figure represents an increase of approximately $11.2 billion from the $34.80 billion recorded at the end of December 2025, indicating a significant improvement in Nigeria’s external liquidity position.
Net reserves provide a different measure of external strength from gross reserves because they account for specified foreign-currency liabilities and obligations. The figure therefore offers additional insight into the country’s available external buffers.
CBN attributes reserve growth to policy discipline
Cardoso has previously attributed the accumulation of reserves to consistency and discipline in economic management.
At a recent Monetary Policy Committee briefing, he said gross reserves had exceeded $55 billion, their highest level in more than 18 years.
“We have been able to rebuild our reserves, and the whole conversation around rebuilding the reserves we know that today, and it was mentioned in my communiqué, that we are in excess of $55 billion, the highest number in over 18 years,” he said, describing the achievement as the result of a consistent policy approach.
The CBN governor has also identified diaspora remittances as an important contributor to reserve accumulation, helping to strengthen Nigeria’s external buffers and resilience.
The latest figures follow a sustained increase in gross reserves, which rose to $54.08 billion on September 3 and $54.61 billion by September 14.
Implications for the naira and investors
Stronger external reserves can improve a country’s capacity to meet foreign-currency payment obligations and help support confidence in its currency. They can also strengthen perceptions of its ability to withstand external economic shocks.
Cardoso’s remarks suggest that the CBN sees the improved reserve position, alongside foreign exchange market stability, as an important factor in attracting investment.
However, maintaining the gains will depend on sustained foreign exchange inflows, continued reserve accumulation and disciplined macroeconomic management.
While the record figures mark an improvement in Nigeria’s external buffers, their long-term impact will depend on whether the country can preserve currency market stability and maintain sufficient liquidity to meet external obligations.
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