Nigeria’s external reserves rose by $9.29 billion in the first nine months of 2026, climbing from $45.57 billion on January 2, 2026 to $54.86 billion on September 24, 2026, according to Central Bank of Nigeria data.
Nairametrics reported on September 28, 2026 that the increase represented a 20.4% gain from the beginning of the year and was more than seven times the increase recorded during the corresponding period of 2025.
Over the same period in 2025, reserves rose by about $1.32 billion, from $40.88 billion on January 2 to $42.20 billion on September 24, according to the CBN data analysed by Nairametrics.
The latest reserve position is also $3.82 billion above the CBN’s projected full-year 2026 level of $51.04 billion.
The $51.04 billion projection was contained in the CBN’s 2026 Macroeconomic Outlook published in December 2025. The apex bank projected that reserves would rise from an estimated $45.01 billion in 2025 to $51.04 billion in 2026, citing reduced pressure in the foreign exchange market, higher oil earnings, sovereign bond issuance and sustained diaspora remittance inflows as factors expected to support accumulation.
The reserve build-up continued through September. CBN data showed reserves at $54.08 billion on September 3, $54.61 billion on September 14 and $54.86 billion on September 24. The September 14 figure was reported by The PUNCH on September 18, 2026, while the latest $54.86 billion position was reported by Nairametrics on September 28, 2026.
The latest position follows an earlier high of $55.25 billion recorded on September 18, 2026. CBN Governor Olayemi Cardoso disclosed the figure after the Monetary Policy Committee meeting on September 22, 2026, describing it as the highest reserve level in 18 years and saying it was sufficient to finance about 11.3 months of imports of goods and services. Premium Times reported the CBN governor’s remarks on September 22, 2026.
The September 24 figure was therefore about $390 million below the September 18 level, indicating that reserves can fluctuate even within a broader period of accumulation.
The stronger reserve position has coincided with increased foreign capital inflows. The National Bureau of Statistics, in its Capital Importation Report released on June 3, 2026, said 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 the first quarter of 2025.
The CBN also reported an improvement in Nigeria’s external accounts in its communiqué following its September 21-22 Monetary Policy Committee meeting. According to the apex bank, the current-account surplus increased from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter, while the balance-of-payments surplus rose from $2.38 billion to $3.51 billion.
The reserve accumulation gives Nigeria a larger external liquidity buffer compared with the beginning of the year. At $54.86 billion on September 24, the reserves were $9.29 billion higher than their January 2 position and already above the CBN’s $51.04 billion projection for the full year.
