Nigeria's net foreign reserves hit $46bn as CBN cites FX market stability

Nigeria's net foreign reserves have risen to $46 billion, while gross foreign reserves reached an all-time high of $55 billion, the Central Bank of Nigeria said. Net reserves gained $11 billion over the $34.80 billion recorded at the end of 2025, a sharp improvement from the $3 billion level in 2023 and the sub‑$1 billion point during the forex crisis. Gross reserves climbed from $54.08 billion on September 3 to $54.61 billion on September 14 and now exceed $55 billion, surpassing the CBN’s earlier end‑2026 projection of $51.04 billion.

The improvement comes as the foreign exchange market steadies, with the naira trading around the N1,330/$ level. On October 7 the naira closed at N1,332.75/$ and the market’s daily turnover crossed $1 billion, reaching $1.014 billion on October 6. The narrow trading band—between N1,330.50/$ and N1,332.99/$ on October 7—signals reduced volatility after the FX reforms. These developments, together with the World Bank’s upward revision of Nigeria’s 2026 growth forecast to 4.3% (from 4.0% in 2025) and projections of 4.4% growth in 2027 and 2028, are boosting investor confidence to bring funds into Nigeria and repatriate earnings.

The CBN also cut the Monetary Policy Rate by 350 basis points to 23% from 26.5% and reset the asymmetric corridor to +50/−300 basis points, an operational move intended to improve monetary policy transmission. With stronger external buffers and a calmer FX market, importers, exporters and investors can plan cross‑border transactions with less exchange‑rate risk. Will you consider holding more foreign currency, investing in naira‑denominated assets, or adjusting the timing of your international payments given the improved stability?

SOURCE: https://nairametrics.com/2026/10/09/nigerias-net-foreign-reserves-rise-to-record-46-billion-2/