CBN puts net reserves at $46bn: what Nigeria’s bigger buffer means for you

Nigeria’s net foreign reserves have risen to $46 billion and gross reserves have passed $55 billion, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Thursday, 8 October 2026. He was speaking at the Nigeria-Asia Connectivity Dialogue in Singapore, according to ThisDay.

“The gross foreign reserves are now at an all-time high of $55 billion,” Cardoso said, as reported by ThisDay, BusinessDay and Business Post.

The figures matter because reserves are the buffer the CBN uses to meet demand for dollars, pay for imports and keep the naira steady. A steadier naira feeds through to the prices Nigerians pay for imported goods and to costs quoted in dollars, from school fees abroad to travel.

How much have reserves grown?

Net reserves have risen by about $11.2 billion since the end of December 2025, when they stood at $34.80 billion, ThisDay and BusinessDay reported. Cardoso has previously said net reserves were about $3 billion in 2023 and fell below $1 billion at the height of the foreign exchange crisis, according to BusinessDay and Nairametrics.

Gross reserves were $54.08 billion on 3 September and $54.61 billion on 14 September, according to figures cited by ThisDay and Nairametrics. ThisDay put the gross figure at $55.07 billion as of 8 October.

Cardoso linked the stronger position to investor confidence. “These are the things that give investors confidence. You can plan. You can bring in money and take it out,” he said, according to ThisDay and Business Post. He also named diaspora remittances as an important contributor to the build-up, ThisDay reported.

What is the difference between gross and net reserves?

Gross reserves are the total foreign assets the central bank holds. Net reserves strip out short-term obligations, such as dollars owed to counterparties under foreign exchange swaps and forward contracts, BusinessDay and Nairametrics explained. That makes the net figure a better guide to how much is actually available to meet the country’s immediate external commitments.

On Cardoso’s figures, the gap between the two is now about $9 billion.

Does a bigger buffer mean a stronger naira?

Not automatically. BusinessDay cautioned that reserve growth does not guarantee a stronger naira, because the exchange rate also depends on whether foreign exchange inflows last, as well as on import demand, oil receipts, capital movements and how the CBN manages the market.

For now, the naira has been steady. It closed at ₦1,332.10 to the dollar on the official Nigerian Foreign Exchange Market (NFEM) on Thursday, 8 October, against ₦1,331.77 a day earlier, according to Business Post, which cited CBN data.

Muhammad Sani Abdullahi, the CBN’s Deputy Governor for Corporate Services, has said the average gap between official and parallel market rates fell from 68.2 per cent between January and May 2023 to less than 2 per cent. “The narrower gap gives businesses a more reliable basis for pricing and planning,” he said, BusinessDay reported on 3 October.

What does it mean for you?

A more predictable exchange rate makes it easier for traders and manufacturers to price goods, and for families with costs in dollars to budget. It also sits alongside lower interest rates: the CBN’s Monetary Policy Committee cut the Monetary Policy Rate by 350 basis points, from 26.5 per cent to 23 per cent, at its meeting in September, the Lagos Chamber of Commerce and Industry noted in a statement on 22 September.

Lower policy rates can, over time, reduce what banks charge businesses and households for loans, although lenders do not always pass on cuts in full or quickly.

What happens next

Next week, attention turns to the International Monetary Fund and World Bank Annual Meetings, which run from Monday, 12 October, to Sunday, 18 October 2026 in Bangkok, Thailand, according to the IMF.

The Monetary Policy Committee next meets on 23 and 24 November 2026, according to the CBN’s calendar. Watch whether the reserves keep climbing, and whether the naira holds near its current level, before that decision.