Nigeria’s gross foreign exchange reserves rose by $12.76 billion year-on-year to $54.61 billion as of 14 September 2026, reinforcing the country’s external liquidity position and extending a sustained upward trend.
An analysis of Central Bank of Nigeria data shows that reserves increased from $41.84 billion on 15 September 2025 to $54.61 billion a year later, a gain of 30.5 per cent. In September alone, the stock rose by about $707.75 million between 1 and 14 September, from $53.90 billion to $54.61 billion.
Steady Build-Up Since Mid-Year
The latest movement continues the accumulation recorded since the middle of the year. Reserves stood at $49.80 billion on 1 June and crossed the $50 billion mark on 4 June. By 3 July the balance had reached $51.53 billion, before climbing above $52 billion in August.
The pace accelerated further in September, with reserves moving from $53.90 billion at the start of the month to $54.08 billion on 3 September and $54.61 billion by 14 September. That put the gain between 14 August, when reserves stood at $52.32 billion, and 14 September at about $2.28 billion.
A year earlier, gross reserves were $41.42 billion on 1 September 2025 and $41.84 billion on 15 September 2025. The current level is also well above the $50.03 billion recorded in March and reflects a sustained improvement in Nigeria’s external reserve position through 2026.
Capital Inflows Support the Rise
The stronger reserve position has coincided with higher foreign capital inflows. Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, an 83.8 per cent increase from the $5.64 billion recorded in the first quarter of 2025, according to the National Bureau of Statistics.
Portfolio-related inflows also rose sharply in January, when foreign portfolio investment reached $3.37 billion and accounted for 95.72 per cent of total capital importation. Experts note that portfolio flows can strengthen reserves and improve foreign exchange liquidity, but they are generally more sensitive to interest rates, exchange-rate expectations and global investor sentiment than longer-term foreign direct investment.
Buffer Above Official Projection
Nigeria’s external reserves have grown by $7.09 billion since the start of 2026 and have already surpassed the Central Bank’s projected level of about $51.04 billion for the full year. The continued build-up provides a stronger external buffer for the economy as the apex bank works to stabilise the foreign exchange market.
The latest increase also comes as the Central Bank maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.
