Nigeria's reserves grow slowest in 2026 as naira gives back gains
Nigeria's gross foreign reserves grew by just $295 million in October—the smallest monthly increase in 2026—pushing total reserves to $55.22 billion by month-end. The Central Bank of Nigeria data shows reserves opened October at $54.95 billion, peaked at $55.26 billion on October 27, then eased slightly to close at $55.22 billion.
This continues the year's accumulation trend but at a dramatically slower pace. February saw a $3.41 billion jump, while May through September each added $1.1-1.9 billion. March and April were the only losing months, shedding $455 million and $874 million respectively.
Meanwhile, the naira reversed about 42% of its July-September gains, weakening from ₦1,329.50/$ to ₦1,346/$ by October 30. Net reserves hit a record $46 billion according to Nairametrics, though this measure accounts for short-term liabilities.
With reserve accumulation slowing and currency pressure returning, the key question becomes whether this marks a temporary pause or a trend shift. Import-dependent businesses and anyone holding dollar-denominated obligations should watch November's data closely—another sub-$500 million month could signal CBN intervention ahead.