Nigeria and Egypt both report record or rising foreign reserves
Nigeria's external reserves climbed through September and October 2026, while Egypt separately reported its own record reserves, according to outlet coverage reviewed.
What happened
Nigeria's foreign exchange reserves rose to $55.07 billion as of October 8, 2026, up about $115 million in six days, extending an upward trend from September.2
BusinessDay reported Nigeria's reserves at $54.9 billion, around the same period, alongside easing inflation.3
Fitch Ratings revised Nigeria's credit outlook to positive, citing rising reserves and easing inflation linked to economic reforms.3
Separately, Egypt's central bank reported its own net foreign currency reserves reached an all-time high of approximately $57.35 billion by end of September 2026.1
Key points
Where accounts differ
Each account is attributed to who makes it. We do not judge between them.
What the coverage leaves out
- None of the outlets reviewed reported a combined or comparative figure for Nigeria's reserves alongside Egypt's, despite both being covered as separate national stories.
- None of the outlets reviewed specified the drivers behind Nigeria's reserve increase beyond general reference to economic reforms and easing inflation.
Why it matters
Fitch Ratings' positive outlook revision for Nigeria was linked by BusinessDay to rising reserves and easing inflation stemming from economic reforms.3
Sources (3)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1Egypt IndependentEGPrivate
- 2NairametricsNGPrivate
Nigeria’s external reserves gain $115 million in six days, hit $55.07 billion
- 3BusinessDayNGPrivate
Fitch revises Nigeria’s credit outlook to positive as reserves rise to $54.9bn