Cardoso: Nigeria’s Net External Reserves Hit $46bn, Links Stronger Buffers to FX Stability, Investor Confidence
Nume Ekeghe
Nigeria’s net external reserves have climbed to a record $46 billion, strengthening the country’s capacity to meet foreign exchange (FX) obligations and further boost investor confidence.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, disclosed this while speaking at the Nigeria-Asia Connectivity Dialogue in Singapore, noting that stronger external buffers had made foreign exchange transactions more predictable for investors.
Cardoso said Nigeria’s gross external reserves had also risen 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,” he said.
The net reserves figure represents an increase of approximately $11.2 billion from the $34.80 billion recorded at the end of December 2025, underscoring the improvement in Nigeria’s external liquidity position.
The growth in net reserves is significant because it provides an indication of the country’s reserve position after accounting for specified foreign-currency liabilities and obligations. It also offers additional insight into the strength of Nigeria’s external buffers beyond the headline gross reserves figure.
At a recent Monetary Policy Committee briefing, Cardoso attributed the accumulation of reserves to sustained policy discipline, noting that gross reserves had exceeded $55 billion, 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.
Cardoso had also identified diaspora remittances as an important contributor to reserve accumulation, helping to strengthen Nigeria’s external buffers and resilience.
The latest figures come after gross reserves rose to $54.08 billion on September 3 and $54.61 billion by September 14, reflecting sustained growth in the country’s external assets.
The improvement in reserves could support confidence in the naira and Nigeria’s ability to meet external payment obligations. However, the durability of these gains will depend on continued foreign-exchange inflows, disciplined macroeconomic management and sustained stability in the currency market.