Nigeria’s reserves rise seven times, gain $9.3 billion in nine months

Nigeria’s external reserves rose by $9.29 billion in the first nine months of 2026, more than seven times the increase recorded during the corresponding period of 2025.

According to data from the Central Bank of Nigeria (CBN), the reserves increased from $45.57 billion on January 2, 2026 to $54.86 billion as of September 24, representing a 20.4% gain. Over the same period in 2025, reserves rose by about $1.32 billion, from $40.88 billion to $42.20 billion.

This means the increase recorded in the first nine months of 2026 was about seven times the gain posted during the comparable period last year.

The stronger accumulation pushed reserves above the CBN’s projected year-end level.

Nigeria’s external reserves maintained an upward trajectory throughout much of 2026, crossing several key thresholds during the period.

The stock continued rising through September, reaching $54.41 billion on September 10, $54.69 billion on September 17 and $54.86 billion on September 24.

The latest position represents an additional $2.20 billion increase from the $52.66 billion recorded on August 24.

At $54.86 billion, Nigeria’s reserve stock is $3.82 billion above the CBN’s projected $51.04 billion level for the end of 2026.

The country therefore exceeded the central bank’s full-year reserve projection before the end of the third quarter.

The accumulation also represents a larger external liquidity buffer for the economy compared with the beginning of the year, when reserves stood at $45.57 billion.

The reserve build-up has coincided with a sharp increase in foreign capital inflows into Nigeria.

Data from the National Bureau of Statistics (NBS) showed that 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 Q1 2025.