Nigeria’s gross foreign exchange reserves climbed by $12.76 billion in one year, reaching $54.61 billion as of September 14, 2026, according to data from the Central Bank of Nigeria (CBN).
Nairametrics analysis of CBN data shows that the reserves increased by 30.5% from $41.84 billion recorded on September 15, 2025, reflecting sustained accumulation over the past year.
The reserves also recorded further growth in September, rising by approximately $707.75 million between September 1 and September 14, from $53.90 billion to $54.61 billion.
The latest increase continues the upward trend recorded since the middle of the year.
Nigeria’s reserves stood at $49.80 billion on June 1 and crossed the $50 billion mark on June 4. By July 3, the balance had risen to $51.53 billion before exceeding $52 billion in August.
Between August 14 and September 14 alone, the reserves increased by about $2.28 billion, from $52.32 billion to $54.61 billion.
The latest reserve position is also significantly higher than the $50.03 billion recorded in March 2026 and represents a substantial recovery from the levels recorded a year earlier.
The increase has coincided with stronger foreign capital inflows into the Nigerian economy.
According to the National Bureau of Statistics, Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, representing an 83.8% increase from the $5.64 billion recorded in the corresponding period of 2025.
Foreign portfolio investment also recorded strong growth, reaching $3.37 billion in January and accounting for 95.72% of total capital importation during the month.
However, portfolio inflows are generally more sensitive to interest rates, exchange-rate expectations and global investor sentiment than longer-term foreign direct investment.
The latest reserve position means Nigeria has added about $7.09 billion to its external reserves since the beginning of 2026, while the current balance has already surpassed the CBN’s projected reserve level of approximately $51.04 billion for the full year.
The rising reserves provide a larger external buffer for the economy and potentially strengthen the CBN’s capacity to manage foreign exchange liquidity and meet the country’s external obligations.
The accumulation is taking place alongside the CBN’s tight monetary policy stance, aimed at moderating inflation and supporting broader macroeconomic stability.
