Nigeria’s Net Reserves Rise to $46bn, Gross Hits $55bn

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has said that net foreign reserves have risen to $46 billion, while stability in the foreign exchange market is helping to strengthen investor confidence.

Mr Cardoso disclosed this at the Nigeria-Asia Connectivity Dialogue on Thursday, adding that the country’s gross foreign reserves have reached an all-time high of $55 billion.

The net foreign reserves represent the central bank’s forex holdings after deducting other near-term liabilities such as FX swaps and forward contracts owed to its counterparties. It is considered a more accurate measure of the country’s foreign exchange buffers available to meet immediate external obligations.

The latest revelation indicates that in the last nine months, Nigeria’s net foreign exchange reserves have now gained a whopping $11 billion versus the $34.80 billion reported at the end of 2025, marking a sharp improvement in the country’s external liquidity position.

Mr Cardoso also stated that Nigeria’s net forex reserves fell below $1 billion at the height of Nigeria’s forex crisis.

The improvement has come alongside a sustained rise in gross external reserves during 2026.

“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves are at $46 billion. In addition to that, the foreign exchange market is stable. These are the things that give investors confidence. You can plan. You can bring in money and take it out,” he said.

According to the CBN governor, the combination of stronger external reserves and a more stable FX market is giving investors greater confidence to plan, bring funds into Nigeria and repatriate their investments.

Nigeria’s gross foreign reserves crossed $54 billion in September, and in recent days were showing signs of nearing the $55 billion mark.

The improvement in reserves has coincided with greater stability in the official foreign exchange market, with the Naira trading around the N1,330/$ level in recent sessions.

Business Post reports that the Naira closed at N1,332.10/$1 at the Nigerian Foreign Exchange Market (NFEM) on October 8, compared with N1,331.77/$1 on October 7.