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Rising Oil Profits in Nigeria Boost FX Reserves as Market Watch for Weaker Dollar
ABUJA, Nigeria — October 4, 2026: Nigeria’s oil profits and improving foreign exchange reserves are strengthening the country’s foreign exchange position, raising expectations that rising dollar inflows could give the Central Bank of Nigeria more room to manage pressure in the FX market.
BusinessDay NG
BusinessDay reports that Nigeria’s foreign exchange reserves are rebuilding as oil profits rise. However, the big question for traders and households is whether the increased oil revenue will lead to an increase in dollar supply and lower FX rates.
Businessday NG
The development is significant because movements in the naira dollar market affect importers, manufacturers, consumers and companies that rely on foreign exchange.
Meanwhile, Nigeria’s business activity expanded for the fourth consecutive month in September, with the CBN Composite PMI rising to 53.0 from 52.7 in August, while inflation eased slightly to 15.39% in August.
Premium Times Nigeria
Why it matters:
The combination of strong earnings, improving FX reserves and expanding business activity could be important news for investors watching the Nigerian economy and the naira.
Source: BusinessDay / Central Bank of Nigeria data.
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