NIGERIA’S foreign exchange (FX) reserves recorded their smallest monthly increase in 2026 in October, rising by just $295.35m as the country’s reserve accumulation slowed.
Data from the Central Bank of Nigeria (CBN) showed that gross reserves increased from $54.93bn at the end of September to $55.22bn on October 30.
The latest increase was significantly lower than the gains recorded in previous months, although reserves remained above the $55bn threshold.
Reserve accumulation slows
Nigeria’s reserves opened October at $54.95bn on October 2, climbed to approximately $55.26bn on October 27 and subsequently declined to $55.22bn by the end of the month.
The $295.35m addition was the smallest monthly gain among periods of positive reserve growth this year.
READ ALSO: Fitch upgrades Nigeria’s credit outlook as reserves climb to $54.9bn
February recorded the largest increase, with reserves rising by approximately $3.41bn. The country also recorded gains of $1.22bn in May, $1.88bn in June, $464.87m in July, $1.88bn in August and $1.12bn in September.
The October performance followed reserve declines of $455.52m in March and $874.45m in April, before accumulation resumed in May.
The figures indicate that while Nigeria continued to strengthen its external reserves, the pace of accumulation weakened considerably in October.
READ ALSO: Nigeria’s reserves hit $54bn as naira strengthens to N1,315/$
Related Articles
Naira loses ground in October
Nigeria’s external position has also been supported by improvements in net foreign reserves, which previously reached a record $46bn.
Net reserves differ from gross reserves because they account for certain short-term foreign currency liabilities and other adjustments.
READ ALSO: Cardoso: Nigeria’s net foreign reserves hit record $46bn
Meanwhile, the naira reversed part of its gains in October after three consecutive months of appreciation.
The currency weakened from N1,329.50 per dollar at the end of September to N1,346 per dollar on October 30, reversing about 42 per cent of its July-to-September gains.
The combination of slower reserve accumulation and renewed pressure on the naira highlights the changing dynamics of Nigeria’s external position, even as gross reserves remained above $55bn.
