Nigeria’s net external reserves have risen to $46 billion, while gross reserves have reached an all-time high of $55.07 billion, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed the figures at the Nigeria-Asia Connectivity Dialogue in Singapore, attributing improved investor confidence to stronger external reserves and relative stability in the foreign exchange market.
He said the improved reserves position had strengthened Nigeria’s capacity to meet its foreign exchange obligations and provided investors with greater certainty in planning and executing transactions.
“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,” the CBN governor said.
The latest net reserves figure represents an increase of about $11.2 billion from the $34.80 billion recorded at the end of December 2025, reflecting a significant improvement in the country’s external liquidity position.
Net foreign reserves measure the foreign currency assets available after accounting for certain short-term liabilities, including obligations arising from foreign exchange swaps and forward contracts.
The measure provides a clearer indication of the external buffers available to meet immediate obligations than gross reserves alone.
The growth in reserves comes amid efforts by the CBN to sustain stability in the foreign exchange market and strengthen confidence in Nigeria’s financial system.
The naira has traded within a relatively narrow range on the official market in recent sessions, while improved foreign exchange liquidity has helped make transactions more predictable for businesses and investors.
Cardoso said the combination of stronger reserves and a more stable foreign exchange market would help investors make informed decisions about bringing capital into Nigeria and repatriating returns.
The development also marks a substantial improvement from the period of severe foreign exchange pressure in 2023, when the CBN governor said the country’s net reserves had fallen to about $3 billion.
The latest figures indicate that Nigeria has rebuilt a larger external financial buffer, although sustaining the gains will depend on foreign currency inflows, demand for dollars and effective management of external obligations.
The CBN has continued to pursue measures aimed at improving the functioning of the foreign exchange market and strengthening the country’s capacity to meet international payment commitments.
As of October 8, 2026, Nigeria’s gross external reserves stood at $55.07 billion, according to figures disclosed by the CBN governor.
