Nigeria’s foreign exchange reserves have grown to a record high of $58.81 billion, as of October 12, marking the highest level in nearly 18 years.
According to the CBN, the country’s reserves increased to $58.81 billion as of October 12, up from $55.08 billion on October 9 to $58.81 billion on the previous Tuesday.
This means that the country’s reserves have grown by $3.73 billion within the first four days of the week.
The latest numbers indicate that Nigeria’s reserves grew to the highest level since November 19, 2008, when the reserves amounted to around $58.91 billion.
The News Chronicle reports that Nigeria’s reserves grew by about $4.91 billion since September 1, when they stood at $53.90 billion, or 9.1%, compared to the previous Tuesday.
Nigeria’s reserves grew steadily throughout September, as the country closed the month with $54.93 billion.
In addition, Nigeria’s net foreign reserves grew to $46 billion as of October 12, according to the reports.
The central bank governor Olayemi Cardoso attributed the rise in confidence to higher returns on foreign exchange.
On the other hand, the Monetary Policy Rate was reduced by the CBN in its September 2026 statement.
The World Bank has raised its forecast for Nigeria’s economic growth in 2026 to 4.3%.
It also expects the country’s economy to grow by 4.4% in 2027 and 2028.
However, it is unclear what caused the significant increase in reserves recorded between October 9 and October 12.
