Nigeria’s external reserves rose to $55.07 billion as of October 8, 2026, gaining about $ 115 million USD within six days as it continues to build its foreign exchange buffers.
According to the data made available by the Central Bank of Nigeria (CBN), on October 5, the reserves stood at $54.95 billion on October 2 to $54.98 billion before rising to $55.05 billion on October 7 and $55.07 billion on the following day.
The latest figures add on to the increases recorded in September, $53.90 billion at the beginning of the month to $54.93 billion as at 30 September.
The News Chronicle reports that Nigeria’s reserves have now surpassed the CBN’s projected year end target of $51.04 billion for 2026, offering a better buffer amid its efforts to stabilise the foreign exchange market.
It comes as the reserves recorded a year on year gain of $12.76 billion as reserves reached $54.61 billion on September 14.
In turn, the World Bank upped its projection of Nigeria’s economic growth to 4.3% in 2026, compared to 4.0% in 2025 and forecast 4.4% growth for both 2027 and 2028.
The continuous rise in reserves is a good sign for Nigeria’s external position, but its effect on exchange rate stability will also depend on supply and demand.
