Nigeria’s FX Reserves Reach $55.25bn as CBN Cuts MPR to 23%

Nigeria’s gross external reserves rose to $55.25 billion as of September 18, 2026, the highest level in 18 years. The reserves provide about 11.3 months of import cover, supported by stronger external balances, diaspora remittances and reduced foreign-exchange pressure. The Central Bank of Nigeria also cut the Monetary Policy Rate from 26.5% to 23% at its September meeting. The bank described the 350-basis-point reduction as an operational reset aimed at improving how monetary policy affects market rates, rather than a broad shift toward easier monetary policy. Stronger reserves may improve confidence in FX availability for import-dependent businesses. However, companies will only feel the full benefit if money-market rates, bank lending rates and refinancing costs begin to decline. The key indicators to watch are private-sector credit, M3 growth, liquidity conditions and the cost of working-capital loans.

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