CBN Governor Cardoso Reports Nigeria's Reserves at $46 Billion

Nigeria's net external reserves have reached a record $46 billion, reflecting an increase of $11.2 billion since December 2025, as reported by Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN). Cardoso made this announcement during the Nigeria-Asia Connectivity Dialogue held in Singapore.

He noted that the gross external reserves are at an all-time high of $55.07 billion as of October 8, 2026. The increase in net reserves, which provides a clearer view of the country’s financial buffers after deducting foreign-currency liabilities, is attributed to consistent policy discipline and diaspora remittances.

Cardoso emphasized that the stable foreign exchange market and larger reserves instill confidence in investors, allowing for easier capital movement. He mentioned that the gross reserves had previously reached $54.08 billion on September 3 and $54.61 billion on September 14.

The sustainability of these gains depends on continued foreign exchange inflows and disciplined macroeconomic management.