By Radarr Africa Business Desk
LAGOS, November 4 (Radarr Africa) – Nigeria’s gross foreign exchange reserves rose by $295.35 million in October, the slowest monthly increase recorded so far in 2026, according to Central Bank of Nigeria (CBN) data reported by Nairametrics.
The reserves stood at $55.22 billion on October 30, up from $54.93 billion at the end of September, the report said. That kept gross reserves above the $55 billion mark at month-end.
Within the month, the reserves opened at $54.95 billion on October 2 and peaked at about $55.26 billion on October 27, before easing to $55.22 billion by October 30, according to the same report.
October’s gain was the smallest positive monthly change of the year. Nairametrics’ tally of the 2026 movements shows February as the strongest month, with an increase of about $3.41 billion. The reserves then fell by about $455.52 million in March and by about $874.45 million in April.
They recovered from May. Nairametrics reported gains of about $1.22 billion in May, $1.88 billion in June, $464.87 million in July, $1.88 billion in August and $1.12 billion in September. Adding the monthly changes from February to October, as reported, gives a net rise of about $8.94 billion, a Radarr Africa calculation that excludes January, for which no figure was given.
The report quoted no CBN official or analyst on why October’s increase was smaller than those of the preceding months, and the CBN had not been reported as commenting on the figures.
The naira also lost ground over the same period. Nairametrics said the currency weakened from N1,329.50 to the dollar at the end of September to N1,346 on October 30, citing its own earlier report of October 31. It said the move reversed about 42 per cent of the naira’s gains between July and September.
A market snapshot published by the Rio Times on November 3 listed the official rate at N1,337 to the dollar, down 0.07 per cent on the day.
The report also pointed to the CBN’s net reserves, which it described as accounting for certain short-term foreign currency liabilities and other adjustments. Nairametrics said net reserves had risen to a record $46 billion, citing a report it published on October 9.
The reserves figures arrive as the central bank prepares for its next policy decision. Nairametrics reported separately on November 3 that the Monetary Policy Rate stands at 23.00 per cent after the CBN cut it by 350 basis points in September 2026, and that the next Monetary Policy Committee meeting is due in November.
The same report, citing the Financial Markets Dealers Association, said the Nigeria Overnight Financing Rate was unchanged at 20.00 per cent and that the CBN had cut its allotments at the last open market operations auction in October. It said banking-system liquidity rose 56.75 per cent in October to N7.373 trillion.
The Nairametrics report on the reserves was written by analyst Olalekan Adigun and published on November 3. It named the CBN as the primary source of the data.
Foreign reserves are closely watched in Nigeria because they indicate the central bank’s capacity to manage the exchange rate and meet external obligations. The 2026 monthly pattern shows a sharp early-year build-up, a dip in March and April, and a steady recovery before October’s slowdown.
