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Nigeria's Forex Reserves Hit 18-Year High Before Correction to $55 Billion The Central Bank of Nigeria reported reserves at $58.81 billion, topping the $58.91 billion mark from November 2008, but soon revised it to about $55.07 billion as of October 9. Supporters credited President Bola Tinubu’s reforms for the steady climb from $33 billion in recent years, avoiding past fuel crises, while the broader upward trend since 2023 stems from oil revenues, remittances, and investments. Though net reserves near $46 billion exceed 2026 targets, critics say everyday hardships persist despite the macroeconomic gains.
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