Tuesday 20 October

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#ExternalReserves

  1. Fitch Ratings revised Nigeria's outlook to positive from stable and kept its long-term foreign-currency rating at 'B' on Friday, 9 October 2026.
  2. The agency cited gross foreign reserves of $54.9 billion on 25 September 2026 and forecast average inflation of 15.4% in 2026.
  3. Finance Minister Taiwo Oyedele said on Saturday, 10 October 2026, that the government is working towards investment-grade status.
Gist Reel

Money · 4 min read

Fitch lifts Nigeria’s outlook to positive: what it means for you

Fitch kept Nigeria's credit rating at B but changed its outlook to positive on Friday, citing reserves of $54.9bn and easing inflation. Here is what the move means and what could come next.

Global ratings agency Fitch Ratings has revised Nigeria's credit outlook to positive from stable, while keeping the country's long-term foreign-currency rating at 'B'. The decision, announced on Friday, 9 October 2026, pointed to stronger foreign reserves, easing inflation and growing confidence that economic reforms will continue, TheCable and Premium Times reported. The rating itself has not changed, but the outlook…

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  1. CBN Governor Olayemi Cardoso said on Thursday, 8 October 2026, that Nigeria's net foreign reserves had risen to $46 billion and gross reserves had passed $55 billion.
  2. Net reserves have grown by about $11.2 billion since the end of December 2025, when they stood at $34.80 billion.
  3. The naira closed at ₦1,332.10 to the dollar on the official market on 8 October, and the CBN's Monetary Policy Committee next meets on 23 and 24 November 2026.
Gist Reel

Economy · 4 min read

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

CBN Governor Olayemi Cardoso says net foreign reserves have reached $46bn and gross reserves have passed $55bn. Here is what the two figures mean for the naira and 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…

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