Naira holds steady as oil output hits a four-year high and reserves reach $55bn
Higher crude prices, more production and local refining are easing pressure on Nigeria's currency.
Lagos — The naira enters November on firm ground, supported by higher oil prices, the country's highest crude output in four years and a sharp rise in foreign reserves.
The numbers
- Bonny Light, Nigeria's benchmark crude: about $115 a barrel.
- Crude production: above 1.53 million barrels a day, about 1.7 million with condensates, the highest in four years and above Nigeria's OPEC quota.
- Reserves: about $55 billion gross; net reserves at a record $46 billion.
- Exchange rate: recently N1,330–N1,370 to the dollar; official interbank about N1,346; parallel market N1,380–N1,390.
- Policy rate: 23%.
The production gain follows better security in the Niger Delta and less pipeline vandalism. Local refining, led by the Dangote refinery, is cutting the dollars needed to import petrol, a drain on foreign exchange that was heavier in past years.
What could change it
The outlook depends on oil prices and output staying high. A fall in global demand or new disruption in the Niger Delta could reduce dollar inflows. Production is still below the 2 million barrels a day assumed in the budget, which makes non-oil exports more important over the long term.
Source: Leadership via AllAfrica, 2 November 2026.
