CBN FIGURES SHOW IMPROVEMENT IN NIGERIA’S EXTERNAL POSITION
Read Time:1 Minute, 16 Second
By: Fasasi Hammad
New figures released by the Central Bank of Nigeria (CBN) indicate improvements in the country’s external position, with foreign reserves, the current account and balance of payments all recording gains.
According to figures contained in the communiqué of the 307th meeting of the Monetary Policy Committee (MPC) released on Tuesday, Nigeria’s foreign reserves rose to $55.25 billion as of September 18, 2026, reportedly the highest level in 18 years.
The reserves are sufficient to cover about 11.3 months of imports of goods and services.
The CBN also reported that Nigeria’s current account surplus increased by 67.92 per cent, rising from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter.
Similarly, the balance of payments surplus rose from $2.38 billion in the first quarter to $3.51 billion in the second quarter.
As part of its monetary policy decisions, the CBN also reduced the benchmark Monetary Policy Rate from 26.5 per cent to 23 per cent, while recalibrating the policy corridor.
CBN Governor, Olayemi Cardoso, said the improvement in Nigeria’s external position had contributed to greater stability in the foreign exchange market.
According to Cardoso, pressure on the foreign exchange market had eased significantly as the country continued to rebuild its external buffers.
The latest figures come amid the Federal Government’s ongoing economic reforms, which the administration has said are aimed at strengthening macroeconomic stability and improving the country’s external position.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0