Nigeria's external reserves have experienced a remarkable increase of $9.29 billion in the first nine months of 2026, significantly outpacing the $1.32 billion gain recorded during the same period in 2025. This surge brings the total reserves to $54.86 billion as of September 24, 2026.
The Central Bank of Nigeria (CBN) reported that the reserves grew from $45.57 billion at the start of the year, marking a 20.4% increase. This growth trajectory has exceeded CBN's year-end projection of $51.04 billion, indicating a stronger economic position than anticipated.
Throughout 2026, Nigeria's reserves crossed several key thresholds, reaching $50 billion in June and surpassing $54 billion in early September. The latest increase of $2.20 billion from August 24 highlights the ongoing upward trend.
This reserve accumulation aligns with a significant rise in foreign capital inflows, which reached $10.37 billion in Q1 2026, an 83.8% increase from the previous year. Portfolio investments have played a crucial role in this influx, although they are sensitive to global market conditions.
Overall, the robust growth in reserves not only strengthens Nigeria's external liquidity but also reflects a positive shift in the economic landscape, driven by improved foreign exchange market activity and investor confidence.