Nigeria’s external reserves gain $115 million in six days, hit $55.07 billion

Nigeria's foreign exchange reserves experienced a notable increase of approximately $115 million over a span of six days, reaching a total of $55.07 billion as of October 8, 2026. This growth trend continued from the previous month, with reserves climbing even higher in September, surpassing the Central Bank of Nigeria's projected year-end total of $51.04 billion for 2026.

The latest figures indicate that Nigeria's gross external reserves reached $55.07 billion on October 8, an increase of around $116 million since October 2. This upward trajectory aligns with the pattern observed in late September, where reserves expanded from $54.86 billion on September 24 to $54.93 billion by September 30. The reserve surge in early October adds to the reserve accumulation witnessed in September, with data revealing that gross external reserves grew from roughly $53.90 billion on September 1 to $54.93 billion by the end of the month.

Nairametrics had previously reported that Nigeria's foreign exchange reserves rose $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, signifying a broader uptick in the nation's external liquidity. The gains in October propelled Nigeria's reserves above the Central Bank's projected year-end level, which Nairametrics had forecasted at $51.04 billion for 2026 in December 2025.

Additionally, the World Bank recently revised its economic growth forecast for Nigeria to 4.3% in 2026, up from 4.0% in 2025, and projected similar growth rates of 4.4% for both 2027 and 2028. The World Bank also highlighted the resilience of Nigeria's naira among Africa's more robust currencies in the second quarter of 2026, limiting its maximum depreciation to 2.6% despite regional exchange-rate pressures.