Nigeria’s forex reserves hit $54.61bn as dollar inflows strengthen external buffer

Nigeria’s gross foreign exchange reserves rose to $54.61 billion as of September 14, 2026, reflecting a substantial improvement in the country’s external financial position and providing the Central Bank of Nigeria (CBN) with a larger buffer against foreign exchange pressures.

The latest reserve balance represents an increase of $12.76 billion, or 30.5 per cent, from the $41.84 billion recorded on September 15, 2025. The increase comes amid stronger capital inflows and continued efforts by the monetary authorities to improve liquidity in the foreign exchange market.

The development is significant for businesses, investors and policymakers because the level of external reserves influences the country’s capacity to meet international payment obligations and respond to external economic shocks.

The latest CBN figures indicate that Nigeria’s external reserves have continued to build throughout 2026. Between September 1 and September 14, the balance increased by approximately $707.75 million, rising from $53.90 billion to $54.61 billion.

The recovery gained momentum during the second quarter. Reserves rose from $49.80 billion on June 1 to $51.53 billion by July 3, before continuing their upward movement through August and September.

The increase provides additional room for managing external obligations and responding to periods of heightened demand for foreign currency. Nevertheless, the extent to which the reserves can support sustained market stability will depend on the underlying sources of the accumulation.

Nigeria attracted $10.37 billion in foreign capital during the first quarter of 2026, compared with $5.64 billion in the corresponding period of 2025, representing an 83.8 percent increase, according to National Bureau of Statistics data cited in the report.

Foreign portfolio investment accounted for $9.86 billion, or 95.1 per cent, of total capital importation during the quarter, while foreign direct investment stood at approximately $135.1 million.