Nigeria’s external reserves increased by $9.29 billion in the first nine months of 2026, reaching $54.86 billion by September 24, according to Central Bank of Nigeria (CBN) data.
The increase represents a 20.4% rise from the $45.57 billion recorded on January 2 and is more than seven times the $1.32 billion increase recorded during the corresponding period of 2025.
The reserves crossed several major thresholds during the year, rising above $50 billion in June, $53 billion in August and $54 billion in September. The latest figure is also $3.82 billion higher than the CBN’s projected year-end reserve level of $51.04 billion.
The reserve accumulation has coincided with stronger foreign capital inflows. National Bureau of Statistics (NBS) data showed that Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, up 83.8% from $5.64 billion in the same period of 2025.
Foreign portfolio investment accounted for a substantial portion of the inflows. Analysts, however, note that portfolio flows can be more sensitive to interest rates, exchange-rate expectations and global investor sentiment than longer-term foreign direct investment.
