Nigeria’s reserves gain $12.8bn in one year - Punch Newspapers
Nigeria’s gross foreign exchange reserves climbed by $12.76bn over the past year to $54.61bn as of 14 September, 2026, strengthening the country’s external liquidity position. Data from the Central Bank of Nigeria showed that reserves rose from $41.84bn on 15 September, 2025, to $54.61bn on 14 September 14, 2026, representing a 30.5 per cent increase. The reserve position has also continued to build in September, gaining approximately $707.75m in the first 14 days of the month. Reserves increased from $53.90bn on 1 September to $54.08 billion by 3 September before reaching $54.61 billion on 14 September. The latest increase brings the cumulative growth since 14 August to about $2.28bn, when reserves stood at $52.32bn. The upward movement marks a significant improvement from the position recorded a year earlier and extends the accumulation trend that became more pronounced from the middle of 2026. Nigeria’s reserves stood at $49.80bn on 1 June and crossed the $50bn threshold on 4 June. The balance subsequently rose to $51.53bn on 3 July and moved above $52bn in August. The September position is also substantially higher than the $50.03bn recorded in March, indicating a sustained improvement in the country’s external buffers during the year. CBN mops up N2.5tn as OMO demand surges Nigeria’s exports to Africa hit N10.72tn amid naira illusion Equity market value hits record N159.89tn The stronger reserve position has coincided with increased foreign capital inflows into Nigeria. The National Bureau of Statistics reported that Nigeria attracted $10.37bn in foreign capital during the first quarter of 2026, up 83.8 per cent from $5.64bn recorded in the corresponding period of 2025. Portfolio investment accounted for a significant share of the inflows. In January alone, foreign portfolio investment reached $3.37bn, representing 95.72 per cent of total capital importation for the month. Portfolio flows can provide foreign exchange liquidity and support reserve accumulation, although they are typically more sensitive to interest rates, exchange rate expectations and global financial conditions than longer-term foreign direct investment. The latest figures indicate that the CBN has accumulated about $7.09bn in reserves since the beginning of 2026. At $54.61bn, the reserve balance is also above the approximately $51.04bn level projected by the CBN for the full year. The increase gives the authorities a larger external liquidity buffer as they continue to manage the FX market and pursue monetary policies aimed at improving macroeconomic stability. The stronger reserve position could also provide greater capacity to absorb external shocks, although the size of the usable reserve buffer depends on the composition of the reserves and other external obligations. Odinaka Anudu
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