Economy

Nigeria Gross External Reserves Reach $55 Billion

AI SUMMARY

Nigeria's gross foreign exchange reserves have surged to a record $55 billion, supported by structural reforms and strong diaspora remittances.

Nigeria's gross foreign exchange reserves reached an all-time high of $55 billion, while net foreign reserves rose to $46 billion.
Central Bank of Nigeria Governor Olayemi Cardoso announced the financial milestones during the Nigeria-Asia Connectivity Dialogue.
Net liquid buffers expanded by $11.2 billion over the past nine months from the $34.8 billion recorded at the end of 2025.
The current reserve level exceeds the central bank's original end-of-year target of $51.04 billion.
The Nigerian naira has stabilized around 1,330 per US dollar in official trading channels.
The Central Bank of Nigeria cut the benchmark Monetary Policy Rate by 350 basis points from 26.5 percent to 23 percent.
Fitch revised Nigeria’s sovereign credit outlook to Positive while affirming its 'B' rating.
The World Bank upgraded Nigeria’s 2026 real GDP growth forecast to 4.3 percent.