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Nigeria’s external reserves stood at $55.08bn on October 9, 2026, following a correction to data published by the CBN.
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Reserves gained $1.18bn between September 1 and October 9, rising from $53.90bn to $55.08bn.
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The reserve increase comes amid a cut in the CBN’s benchmark interest rate to 23 percent and an improved World Bank growth forecast for Nigeria.
October 15, (THEWILL) – Nigeria’s gross external reserves stood at $55.08bn as of October 9, 2026, following a revision of data published by the Central Bank of Nigeria.
The correction came after an earlier report put the country’s external reserves at approximately $58bn, an 18-month high, based on figures displayed on the CBN’s website.
The apex bank subsequently informed Nairametrics that the figure was incorrect and updated the data.
The revised figures show that reserves continued to increase through September and into October, reaching $55.08bn on October 9.
Reserves gain $1.18bn in five weeks
Nigeria’s external reserves rose from approximately $53.90bn on September 1 to $54.93bn on September 30, representing an increase of $1.03bn during the month.
The upward movement continued in October, with reserves reaching $54.95bn on October 2 before rising to $55.08bn on October 9.
Overall, the reserves increased by about $1.18bn between September 1 and October 9, based on the revised figures.
External reserves provide a buffer against external shocks and help a country meet international payment obligations.
Their level is closely monitored by investors and currency-market participants as an indicator of a country’s capacity to finance imports and manage external pressures.
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However, an increase in gross reserves does not, on its own, establish the strength or sustainability of foreign exchange inflows.
Reserve movements can reflect several factors, including export earnings, foreign investment, government transactions and external debt payments.
Reserve gains coincide with policy changes
The latest gross reserve figure follows earlier gains in Nigeria’s external buffers. Previously reported figures showed that reserves had risen by $12.76bn year-on-year to $54.61bn as of September 14, 2026.
Nigeria’s net foreign reserves have also been reported at about $46bn, with CBN Governor Olayemi Cardoso linking stability in the foreign exchange market to improved investor confidence.
Gross and net reserves measure different aspects of a country’s external position. Gross reserves represent qualifying external reserve assets, while net reserves account for specified foreign exchange liabilities and other adjustments under the applicable methodology.
The figures should therefore not be treated as interchangeable.
The reserve movement comes amid monetary policy changes. At its September 2026 Monetary Policy Committee meeting, the CBN reduced the Monetary Policy Rate by 350 basis points, from 26.5 percent to 23 percent.
The committee also adjusted the asymmetric corridor around the benchmark rate to plus 50 and minus 300 basis points.
Meanwhile, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3 percent, up from 4.0 percent in 2025. It projected growth of 4.4 percent in both 2027 and 2028.
Although the revised figures indicate continued growth in Nigeria’s gross external reserves, the durability of the improvement will depend on foreign exchange inflows, external obligations, and developments in the global economy.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
