Nigeria’s gross foreign-exchange reserves jumped by about $3.7 billion in a single trading day to $58.8 billion, the highest level since 2008. The central bank is building its dollar buffer as remittances and portfolio inflows recover.
Reserves stood at $58.81 billion on October 12, up from $55.08 billion on October 9, according to Central Bank of Nigeria data. The 6.8% rise between Friday and Monday is more than three times the $1.11 billion of gross reserves stockpile added in all of September. The central bank has not explained the jump.
Reserves have risen about $13.1 billion, or 29%, since the end of 2025. They are about 15% above the central bank’s 2026 target of $51.04 billion.
They are also nearing the all-time high of $62.08 billion set in September 2008. Net reserves, which exclude short-term liabilities, reached a record $46 billion, Governor Olayemi Cardoso said last week.
Inflows have broadened beyond oil. Net foreign portfolio inflows reached $6.3 billion in the first eight months of the year. Personal transfers, including remittances, totalled $11.12 billion in the first half.
The larger buffer gives the central bank more room to steady the naira and to keep cutting interest rates after September’s reduction of the MPR to 23%.
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