Nigeria’s external reserves rise $295.35m in October 2026, slowest monthly gain this year

Nigeria’s gross external reserves increased by $295.35 million in October 2026, the slowest positive monthly growth so far this year. The rise points to a moderation in the pace of foreign exchange reserve accumulation.

Slowest positive month

A review of monthly movements showed that October recorded the smallest increase among the months that posted positive growth in 2026. The reserve position had seen fluctuations earlier in the year.

February surge, March and April declines

February posted strong growth, but that was followed by contractions in March and April. The October increase came after that uneven run, with the reserve build-up easing compared with earlier positive months.

Why the reserves matter

Nigeria’s external reserves remain an important indicator of the country’s capacity to support exchange rate stability, meet international payment obligations and strengthen investor confidence. The slower October rise shows reserves are still growing, but at a weaker pace than in other positive months this year.