Nigeria recorded the highest month-on-month percentage increase in international reserves among large African economies in October 2026, according to central bank data.
Figures compiled by ThinkBusiness Africa from the Central Bank of Nigeria, Central Bank of Egypt, South African Reserve Bank, Bank Al-Maghrib and Central Bank of Kenya show Nigeria’s gross reserves rose to $55.22 billion on 30 October from $54.93 billion at end-September, a gain of 0.53%.
| Country | End-Sep (approx.) | End-Oct / Latest | Change | % Change |
| Nigeria | $54.93B | $55.22B (30 Oct) | +$0.29B | +0.53% |
| Egypt | $57.348B | $57.500B | +$0.152B | +0.27% |
| Morocco | MAD 508.8B | MAD 514.8B (30 Oct) | +6B MAD | +1.2%* |
| South Africa | $75.429B | $74.513B | –$0.916B | –1.21% |
| Kenya | $15.0B | $14.74B (29 Oct) | –$0.26B | –1.7% |
| Ghana | $12.05B (22 Sep) | $12.1B | +$0.05B | +0.4% |
*Morocco percentage measured from end-September monthly figure; intra-October trend was roughly flat.
Egypt’s net international reserves increased more modestly to $57.500 billion from $57.348 billion, or 0.27%, extending a long streak of monthly gains driven largely by higher foreign-currency inflows.
South Africa’s gross reserves fell to $74.513 billion from $75.429 billion, a decline of 1.21%, as lower gold prices reduced the dollar value of its substantial bullion holdings.
Morocco’s official reserve assets stood at MAD 514.8 billion on 30 October, roughly flat during the month after earlier gains, while Kenya’s usable reserves slipped to about $14.74 billion by 29 October from near $15.0 billion in late September.
Ghana’s gross reserves edged up to around $12.1 billion in early November from $12.05 billion in late September, supported by gold export receipts even as the country continues to balance debt service and currency interventions.
Nigeria’s stronger percentage gain reflects steady oil-related inflows and improved foreign-exchange market liquidity after recent reforms, although absolute levels remain below Egypt’s and South Africa’s larger stocks.
Egypt continues to benefit from record remittances and Suez Canal receipts, yet the October addition was smaller than Nigeria’s in percentage terms.
South Africa’s decline highlights the sensitivity of gold-heavy reserves to commodity price swings, a factor that has weighed on the rand’s external buffer in recent weeks.
Kenya’s drop coincided with higher import demand and modest remittance growth, though reserves still cover more than five months of imports, well above the statutory minimum.
Across the region, reserve trajectories remain uneven as countries manage valuation effects, debt repayments and efforts to rebuild buffers after earlier external pressures.
