Nigeria's forex reserves rise $115m to $55.07bn, above CBN's 2026 target
Nigeria’s foreign exchange reserves rose by approximately $115 million in six days, climbing from $54.95 billion on October 2 to $55.07 billion on October 8, 2026, according to data from the Central Bank of Nigeria’s website. The increase continues a steady upward trend that began in September, when reserves grew from about $53.90 billion on September 1 to $54.93 billion by month‑end.
The latest figure places reserves above the CBN’s projected year‑end level of $51.04 billion for 2026 and marks the first time gross external reserves have crossed the $55 billion threshold this year. Analysts say the rise reflects stronger inflows, possibly from oil earnings and capital returns, and bolsters the country’s ability to meet external obligations and stabilize the naira.
The World Bank recently raised its 2026 growth forecast for Nigeria to 4.3%, citing the naira’s resilience despite continental exchange‑rate pressures. With reserves now comfortably above target, importers may find it easier to access foreign currency, while exporters could see improved confidence in repatriating earnings. Will you factor the stronger reserve position into your investment or business planning for the coming months?