Nigeria’s foreign exchange reserves have risen to $55.25 billion, their highest level in 18 years, as the Central Bank of Nigeria (CBN) reported stronger external balances and cut its benchmark interest rate from 26.5 per cent to 23 per cent….
Nigeria’s foreign exchange reserves have risen to $55.25 billion, their highest level in 18 years, as the Central Bank of Nigeria (CBN) reported stronger external balances and cut its benchmark interest rate from 26.5 per cent to 23 per cent.
The latest figures were announced in the communiqué of the 307th meeting of the CBN Monetary Policy Committee (MPC) on Tuesday.
The reserves, recorded as of September 18, 2026, are sufficient to finance 11.3 months of imports of goods and services, according to the apex bank.
The CBN also reported a sharp improvement in Nigeria’s current account position, with the surplus rising by 67.92 per cent from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter.
Similarly, the balance of payments surplus increased from $2.38 billion in the first quarter to $3.51 billion in the second quarter.
CBN Governor, Olayemi Cardoso, said the stronger external position had contributed to greater stability in the foreign exchange market.
Cardoso said, “Foreign exchange pressures had receded significantly as the country rebuilt its external buffers.”
The governor said the improvement in the country’s external position had strengthened the economy’s ability to withstand external pressures.
The latest reserve position represents a substantial increase from the $46.70 billion recorded in November 2025, when the CBN said reserves were sufficient to cover 10.3 months of imports of goods and services.
At the MPC meeting, the CBN also reset the Monetary Policy Rate to 23 per cent from 26.5 per cent.
The bank said the decision was aimed at improving monetary policy transmission and recalibrating the policy corridor rather than signalling a fundamental shift away from its restrictive monetary policy stance.
The MPC also adjusted the Standing Facilities Corridor to +50 and -300 basis points around the new MPR.
Cardoso said the previous MPR had become increasingly disconnected from prevailing market rates, weakening the effectiveness of monetary policy transmission.
The CBN said the stronger external position, easing inflationary pressures and improved economic growth provided the environment for the recalibration of its monetary policy framework.
The latest data come amid the Federal Government’s broader economic reform programme, including measures to stabilise the foreign exchange market and strengthen Nigeria’s external buffers.
While the figures point to improved external-sector conditions, their impact on households and businesses will depend on how sustained reserve accumulation, exchange-rate stability, lower inflation and the new interest-rate framework translate into economic activity and living standards.
