Foreign reserves gain $12.76 billion in one year, add $708 million in September

Nigeria’s gross foreign exchange reserves rose by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, strengthening the country’s external liquidity position and extending the recent upward trend.

Nairametrics’ analysis of data from the Central Bank of Nigeria (CBN) showed that the reserves increased from $41.84 billion on September 15, 2025, to $54.61 billion a year later, representing a 30.5% increase.

The reserves have also gained momentum in September, rising by about $707.75 million between September 1 and September 14, from $53.90 billion to $54.61 billion.

What the data is saying

The latest movement represents a continuation of the steady accumulation recorded since mid-year.

• 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 climbing above $52 billion in August.
• The pace accelerated further in September, with reserves increasing from $53.90 billion at the start of the month to $54.08 billion on September 3 and $54.61 billion by September 14.
• This means the stock of foreign reserves added about $2.28 billion between August 14 and September 14, when it stood at $52.32 billion.
• Nigeria’s reserves have recorded a notable recovery from the levels seen a year earlier.
• On September 1, 2025, gross reserves stood at $41.42 billion. By September 15, 2025, they had risen to $41.84 billion.

One year later, the balance was $54.61 billion, putting the year-on-year gain at $12.76 billion.

The latest balance is also significantly above the $50.03 billion recorded in March and represents a sustained improvement in Nigeria’s external reserve position through the year.

More insights

The improvement in reserves comes alongside stronger foreign capital inflows into the Nigerian economy.

• Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, an 83.8% increase from the $5.64 billion recorded in Q1 2025, according to data from the National Bureau of Statistics (NBS).
• Portfolio-related inflows also recorded a sharp increase in January. Foreign portfolio investment reached $3.37 billion during the month and accounted for 95.72% of total capital importation.

Experts warned that portfolio investments 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.

What you should know

It earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.

• The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.
• The continued accumulation of reserves provides a stronger external buffer for the Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.

Also, the latest increase in external reserves comes as the CBN maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.