Nigeria’s foreign exchange reserves have climbed to $55.25 billion as of September 18, 2026, the highest level recorded in 18 years, according to the Central Bank of Nigeria (CBN).
The development was contained in the communiqué issued after the 307th meeting of the CBN’s Monetary Policy Committee (MPC) on Tuesday.
The CBN said the reserves are now sufficient to finance 11.3 months of imports of goods and services, reflecting an improvement in the country’s external position.
According to the apex bank, the current account surplus increased by 67.92 per cent from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter.
The balance of payments surplus also rose from $2.38 billion in the first quarter to $3.51 billion in the second quarter.
CBN Governor, Olayemi Cardoso, said the improvement in Nigeria’s external position had contributed to greater stability in the foreign exchange market.
He said, “The improvement in the country’s external position has contributed to greater stability in the foreign exchange market.”
Cardoso added that “foreign exchange pressures had receded significantly as the country rebuilt its external buffers.”
The latest figures come amid the Federal Government’s ongoing economic reform agenda, with the administration highlighting improvements in foreign reserves, external balances and foreign exchange stability.
At the MPC meeting, the CBN also reduced the benchmark interest rate, known as the Monetary Policy Rate (MPR), to 23 per cent from 26.5 per cent.
The bank said the decision was taken to “reset the Monetary Policy Rate (MPR) and recalibrate the policy corridor.”
The reduction represents a 3.5 percentage-point cut in the benchmark rate and comes after a period of tight monetary policy aimed at addressing inflationary pressures and supporting stability in the foreign exchange market.
The CBN said the strengthening of the country’s external position had helped ease pressure in the foreign exchange market, while the increase in reserves had improved Nigeria’s external buffers.
The latest data also showed that Nigeria’s external accounts recorded stronger surpluses during the second quarter, with the current account surplus increasing by more than two-thirds compared with the previous quarter.
The developments are expected to remain a key part of discussions around the impact of the government’s economic reforms and the CBN’s monetary policy measures on Nigeria’s economy.