Nigeria’s foreign exchange reserves have risen to $55.25 billion, their highest level in more than 18 years, the Central Bank of Nigeria (CBN) says.
CBN Governor Olayemi Cardoso announced the development on Tuesday after the bank’s 307th Monetary Policy Committee meeting in Abuja.
According to the CBN, the reserves stood at $55.25 billion as of 18 September 2026, enough to cover about 11.3 months of imports of goods and services. (Premium Times Nigeria)
Mr Cardoso said the increase reflected the central bank’s efforts to rebuild the country’s external buffers through what he described as a consistent and disciplined approach.
He also highlighted the contribution of Nigerians living abroad, saying diaspora inflows had played a role in strengthening the country’s foreign exchange position. (Nairametrics)
The latest figure represents a significant rise from the $45.56 billion recorded at the beginning of the year. Reserves had crossed the $54 billion mark earlier in September, continuing a steady upward trend. (TheCable)
The CBN also said pressure in the foreign exchange market had eased significantly, while Nigeria’s current-account surplus rose to $7.54 billion in the second quarter of 2026, from $4.49 billion in the first quarter. (Premium Times Nigeria)
The announcement came as the CBN cut its benchmark interest rate from 26.5% to 23%, while maintaining existing cash reserve requirements for deposit money banks.
The stronger reserve position provides Nigeria with a larger foreign currency buffer to meet international obligations and respond to external economic pressures.
