Nigeria’s gross foreign change reserves elevated by $295.35 million in October 2026, marking the slowest constructive monthly progress recorded up to now this yr.
Data from the Central Bank of Nigeria (CBN) present that reserves rose from $54.93 billion on the finish of September to $55.22 billion on October 30, 2026.
The increase extends the nation’s reserve accumulation pattern, though the tempo of progress has moderated in contrast with earlier months.
Foreign reserves report slower October progress
The reserves opened October at $54.95 billion on October 2 and rose progressively throughout the month, reaching a excessive of roughly $55.26 billion on October 27 earlier than easing to $55.22 billion by October 30.
The October increase was the smallest among the many months that recorded constructive progress in 2026.
- February recorded the biggest monthly increase, with reserves rising by roughly $3.41 billion.
- May and June recorded features of about $1.22 billion and $1.88 billion, respectively.
- July added roughly $464.87 million, whereas August and September recorded will increase of about $1.88 billion and $1.12 billion.
- October’s $295.35 million increase was beneath all these constructive monthly actions.
The figures point out that though Nigeria continued to construct its exterior reserves in October, the tempo of accumulation slowed significantly in contrast with the previous months.
Monthly reserve actions present uneven progress
The reserve knowledge present that Nigeria’s exterior place skilled each will increase and declines throughout the yr, with the strongest accumulation occurring in February and the latest months recording smaller additions.
- February recorded the biggest monthly increase of roughly $3.41 billion. Reserves then declined by about $455.52 million in March and an additional $874.45 million in April, marking two consecutive months of contraction.
- The pattern reversed in May, when reserves elevated by roughly $1.22 billion, adopted by a achieve of $1.88 billion in June. July recorded a smaller addition of about $464.87 million, earlier than reserves rose by one other $1.88 billion in August. September added roughly $1.12 billion, whereas October’s $295.35 million increase was the smallest constructive monthly motion recorded in 2026.
Despite the slower progress in October, gross reserves remained above the $55 billion mark on the finish of the month, offering a bigger exterior buffer than at the start of 2026.
Net reserves and naira efficiency
Nigeria’s exterior reserve place has additionally attracted consideration following enhancements in its web foreign reserves, which rose to a record $46 billion, in response to an earlier report by Nairametrics.
- Net reserves present a special measure of the nation’s exterior place from gross reserves, as they account for sure short-term foreign forex liabilities and different changes.
- Meanwhile, the naira skilled some stress in October after recording features in the previous three months.
The currency reversed about 42% of its July–September gains, weakening from N1,329.50/$ on the finish of September to N1,346/$ on October 30.
