Nigeria's reserves grow by $295 million in October 2026

In October 2026, Nigeria's gross foreign exchange reserves rose by $295.35 million, marking the slowest monthly increase recorded in 2026. According to data from the Central Bank of Nigeria, reserves increased from $54.93 billion at the end of September to $55.22 billion on October 30.

The reserves opened October at $54.95 billion on October 2 and peaked at approximately $55.26 billion on October 27 before settling at $55.22 billion. This increase, while extending the trend of reserve accumulation, indicates a significant slowdown compared to previous months.

Throughout the year, Nigeria's external position has shown fluctuations, with the most substantial accumulation occurring in February. Despite the slower growth in October, the gross reserves remained above the $55 billion threshold, providing a more substantial external buffer than at the start of 2026.

Additionally, Nigeria's net foreign reserves reached a record $46 billion, reflecting improvements in the external reserve position.