CBN lifts external reserves to $55.25bn, cuts MPR to 23% as forex pressures ease
CBN announced that Nigeria's external reserves rose to $55.25 billion as of September 18, 2026 - the highest level in 18 years - and sufficient to finance 11.3 months of imports. The Monetary Policy Committee also cut the benchmark interest rate (MPR) from 26.5 percent to 23 percent to reset the monetary policy corridor, stressing that this is an operational recalibration, not a monetary policy easing. The current account surplus jumped 67.92 percent to $7.54 billion in Q2 2026, up from $4.49 billion in Q1, while the balance of payments surplus grew from $2.38 billion to $3.51 billion.
These improvements reflect stronger external-sector fundamentals, reduced foreign-exchange pressures, and renewed investor confidence. CBN Governor Olayemi Cardoso credited diaspora remittances for helping rebuild external buffers, noting that measures like the Non-Resident Nigerian Ordinary and Investment Accounts have facilitated inflows. The reserve buildup has contributed to greater stability in the foreign exchange market and supports the transition toward an inflation-targeting framework.
With reserves at a record high and the MPR reset, will you consider adjusting your borrowing or investment plans in anticipation of lower lending rates, or wait for clearer signs that the policy transmission has improved before making financial commitments?