Nigeria’s foreign exchange reserves rose by approximately $115 million in six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September.
Data from the Central Bank of Nigeria’s website showed that reserves increased from $54.95 billion on October 2 to $55.07 billion on October 8, reflecting continued growth in the country’s external buffers at the start of the month.
The latest increase follows a steady rise in reserves throughout September, taking the balance above the CBN’s projected year-end level of $51.04 billion for 2026.
Reserves rise above $55 billion
Nigeria’s gross external reserves reached $55.07 billion on October 8, compared with $54.95 billion on October 2, an increase of about $116 million over the period.
- The daily figures show that reserves continued to build through the first week of October.
- Reserves stood at $54.95 billion on October 2 before rising to $54.98 billion on October 5.
- The balance increased to $54.98 billion on October 6 and $55.05 billion on October 7.
- By October 8, reserves had climbed to approximately $55.07 billion.
The latest movement follows a similar upward trend in late September, when reserves increased from $54.86 billion on September 24 to $54.93 billion on September 30.
September gains extend into October
The increase in early October builds on the reserve accumulation recorded in September. The data show that gross external reserves rose from approximately $53.90 billion on September 1 to $54.93 billion at the end of the month.
Nairametrics earlier reported that Nigeria’s foreign exchange reserves gained $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, reflecting the broader increase in the country’s external liquidity.
- Reserves rose from $53.90 billion on September 1 to $54.41 billion on September 10.
- By September 18, the balance had reached approximately $54.72 billion.
- Reserves continued climbing in the final days of September, closing the month at about $54.93 billion.
The upward movement continued into October, with the balance crossing $55 billion during the first week of the month.
Reserves exceed CBN’s year-end projection
Nigeria’s reserves are now above the Central Bank of Nigeria’s projected year-end level of approximately $51.04 billion for 2026. The projection was reported by Nairametrics in December 2025.
Separately, the World Bank raised its forecast for Nigeria’s economic growth to 4.3% in 2026, from 4.0% in 2025, and projected growth of 4.4% in both 2027 and 2028, according to an earlier Nairametrics report.
The World Bank also said the naira was among Africa’s more resilient currencies in the second quarter of 2026, with its maximum depreciation limited to 2.6% despite exchange-rate pressures across the continent.
The latest reserve figures show that Nigeria’s external buffers continued to grow at the start of October, following the gains recorded over the preceding month.