Nigeria’s net external reserves have risen to a record $46 billion, strengthening the country’s capacity to meet foreign exchange obligations and potentially boosting investor confidence, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this while speaking at the Nigeria-Asia Connectivity Dialogue in Singapore, where he attributed the improvement in investor confidence to stronger external buffers and greater predictability in the foreign exchange market.
He also revealed that Nigeria’s gross external reserves had climbed to an all-time high of $55.07 billion as of October 8, 2026.
“The gross foreign reserves are now at an all-time high of $55 billion. Our net reserves 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,” Cardoso said.
The latest net reserves figure represents an increase of approximately $11.2 billion from the $34.80 billion recorded at the end of December 2025.
The increase points to an improvement in Nigeria’s external liquidity position and its ability to manage foreign currency obligations.
Unlike gross reserves, net reserves provide an indication of the country’s external reserve position after accounting for specified foreign-currency liabilities and obligations. The distinction offers investors additional insight into the strength of the country’s external buffers.
Cardoso had previously attributed the steady accumulation of reserves to consistent economic policies and disciplined monetary management.
Speaking at a recent Monetary Policy Committee briefing, the CBN governor said gross external reserves had exceeded $55 billion, representing their highest level in more than 18 years.
“We have been able to rebuild our reserves, and the whole conversation around rebuilding the reserves we know that today, and it was mentioned in my communiqué, that we are in excess of $55 billion, the highest number in over 18 years. That’s a big thing, and it has come through consistency and discipline in approach,” he said.
He has also identified diaspora remittances as an important contributor to the growth in Nigeria’s external reserves, helping to strengthen the country’s financial resilience.
The latest increase follows a steady rise in gross reserves in recent weeks, from $54.08 billion on September 3 to $54.61 billion by September 14, before reaching $55.07 billion on October 8.
The growth in external reserves could support confidence in the naira by strengthening the country’s capacity to meet foreign currency demand and settle international obligations.
Stronger reserves may also improve Nigeria’s attractiveness to foreign investors by reducing concerns about access to foreign exchange and the repatriation of investment proceeds.
However, the sustainability of the gains will depend on continued foreign exchange inflows, effective macroeconomic management and lasting stability in the currency market.
Maintaining the upward trajectory will also require sustained confidence in Nigeria’s economic policies and the country’s capacity to generate foreign exchange through exports, investment and remittances.
