Nigeria’s foreign reserves climb to $55.16bn

The Nigerian foreign reserves   jumped to $55.16billion as of October  22, 2026 amid a hike in  global crude oil prices.  

This is according to the Central Bank of Nigeria (CBN) in its foreign reserves data.

As of October 23, 2026 WTI crude traded at $103.27 per barrel (up $3.80 on the day) and Brent crude at $116.72. US commercial crude inventories fell 3.1 million barrels last week to 412.5 million (EIA, week ending October 16, 2026). US retail gasoline averages $4.28 per gallon. 

The Nigerian  foreign exchange buffer in one week has gained  $72.55 million from $55.09 billion nto $55.16billion as of  October  22, 2026.  

However, the naira depreciated by 3.8per cent in one week to N1,385.05/dollar, as renewed domestic demand outweighed the impact of the CBN’s $200.00 million intervention. 

In the forwards market, the naira depreciated in the 1-month (-3.2per cent to N1,397.04/ dollar), 3-month (-3.1per cent to N1,432.31/dollar), 6-month (-3.2per cent to N1,484.84/dollar), and 1-year (-3.2per cent to N1,581.68/dollar) contracts.

A group of analysts at Cordros Research said,  “We expect the naira to remain broadly stable around current levels in the near term, supported by the level of foreign reserves and the continued current account surplus. 

“However, downside risks remain from lower domestic yields, which could reduce the relative attractiveness of naira denominated assets, and tighter global financial conditions, which could weigh on capital flows.”