Nigeria’s gross foreign exchange reserves have climbed to $54.61 billion, representing a $12.76 billion increase compared with the level recorded around the same period last year.
Data from the Central Bank of Nigeria (CBN) analysed by Nairametrics showed that the country’s reserves increased from $41.84 billion on September 15, 2025, to $54.61 billion on September 14, 2026.
The latest figure represents a 30.5% year-on-year increase, highlighting the significant rise in Nigeria’s external reserve position over the past year.Read original
The reserves have also continued to grow in September, gaining approximately $707.75 million between September 1 and September 14, 2026.
During the period, reserves rose from $53.90 billion to $54.61 billion.
Nigeria’s reserves maintain upward trend
The latest increase follows months of steady accumulation in Nigeria’s foreign reserves.
The reserves stood at approximately $49.80 billion on June 1, 2026, before crossing the $50 billion mark on June 4.
By July 3, the balance had risen to $51.53 billion, while the reserves moved above $52 billion in August.
The upward movement continued into September, with the reserve position rising from $53.90 billion on September 1 to $54.08 billion on September 3, before reaching $54.61 billion by September 14.
This means Nigeria added about $2.28 billion to its reserves between August 14 and September 14, when the balance stood at $52.32 billion.
The latest figure is also substantially higher than the $50.03 billion recorded in March 2026, pointing to a sustained improvement in the country’s external reserve position during the year.
Foreign capital inflows also rise
The growth in Nigeria’s foreign reserves has come alongside an increase in foreign capital entering the economy.
According to data from the National Bureau of Statistics (NBS), Nigeria attracted $10.37 billion in foreign capital during the first quarter of 2026.
That represented an 83.8% increase compared with the $5.64 billion recorded in the corresponding period of 2025.
Foreign portfolio investment also recorded a significant increase in January 2026, reaching $3.37 billion and accounting for 95.72% of total capital importation during the month.
While portfolio inflows can boost foreign exchange liquidity and contribute to reserve accumulation, they are generally more sensitive to factors such as interest rates, exchange-rate expectations and changes in global investor sentiment.
Reserves surpass earlier 2026 projection
Nigeria’s latest reserve position also exceeds the approximately $51.04 billion level the CBN had projected for the country by the end of 2026.
The reserve balance has now moved considerably higher than the level recorded at the beginning of the year, reflecting the accumulation seen since the middle of 2026.
Earlier reports had put Nigeria’s reserve increase since the beginning of 2026 at about $7.09 billion as of August 2026.
Why Nigeria’s reserves matter
Foreign exchange reserves provide an important external buffer for the Nigerian economy.
A stronger reserve position can improve the country’s ability to meet external obligations, support foreign exchange market operations and provide additional liquidity during periods of pressure on the naira and the wider economy.
The latest increase comes as the CBN continues its efforts to strengthen foreign exchange market stability while maintaining a relatively tight monetary policy stance aimed at addressing inflationary pressures and supporting broader macroeconomic stability.
However, the composition and sustainability of foreign capital inflows remain important considerations, particularly where a large portion comes from portfolio investments that can move quickly in response to changes in market conditions.
