Nigeria’s foreign exchange reserves rose to $58.81 billion by October 12, 2026, the highest level recorded since November 19, 2008, when reserves were $58.91 billion.
According to data from the Central Bank of Nigeria, reserves rose from $55.08 billion on October 9 to $58.81 billion on October 12, a $3.73 billion gain in the latest reported movement.
This followed a steady increase in Nigeria’s foreign reserves, which rose from $53.90 billion on September 1 to $54.93 billion by September 30, an increase of $1.03 billion.
The following month, reserves rose to $54.95 billion on October 2, $55.08 billion on October 9, and then $58.81 billion on October 12, a $3.73 billion increase that brought the cumulative gain since September 1 to $4.91 billion, or approximately 9.1 per cent.
However, the data did not show the factors behind the increase between October 9 and 12.
As at Nov 19, 2008: $58.91 billion
After remaining below that level for 17 years, reserves have climbed steadily in 2026:
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👉 JOIN GISTSMATE WHATSAPP CHANNELDec 04, 2025: $45.04bn
Jan 22, 2026: $46.01bn ⬆️
Feb 06, 2026: $47.03bn ⬆️
Mar 02, 2026: $49.85bn ⬆️
Jun 04, 2026: $50.04bn ⬆️
Jul 01, 2026: $51.49bn ⬆️
Aug 06, 2026: $52.03bn ⬆️
Sep 01, 2026: $53.90bn ⬆️
Oct 12, 2026: $58.81bn ⬆️
As at Oct 12, 2026, Nigeria’s foreign reserves stood at $58.81bn, approaching the level last recorded on Nov 19, 2008, under former President Umaru Musa Yar’Adua.
In another development, GISTSMATE MEDIA reports that the International Monetary Fund (IMF) has advised Nigeria against restoring broad petrol subsidy, recommending targeted support for vulnerable households to cushion the impact of rising energy costs.
IMF said blanket petrol subsidies were expensive, often benefited higher-income consumers disproportionately and could worsen fiscal pressures amid rising borrowing costs.
Rodrigo Valdés, director of the IMF’s fiscal affairs department, spoke during a press briefing on the fund’s fiscal monitor at the 2026 annual meetings of the IMF and World Bank in Bangkok, Thailand, on Wednesday. READ MORE
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