Nigeria’s foreign reserves highest in 18 years, hitting $59 billion
Nigeria’s foreign exchange reserves rose to $58.81 billion by October 12, 2026, the highest level recorded since November 19, 2008, when reserves were $58.91 billion.
According to data from the Central Bank of Nigeria, reserves rose from $55.08 billion on October 9 to $58.81 billion on October 12, a $3.73 billion gain in the latest reported movement.
This followed a steady increase in Nigeria’s foreign reserves, which rose from $53.90 billion on September 1 to $54.93 billion by September 30, an increase of $1.03 billion.
The following month, reserves rose to $54.95 billion on October 2, $55.08 billion on October 9, and then $58.81 billion on October 12, a $3.73 billion increase that brought the cumulative gain since September 1 to $4.91 billion, or approximately 9.1 per cent.
However, the data did not show the factors behind the increase between October 9 and 12.
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