Olusegun Odunewu

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. This is 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. Also Read Banks yet to lower lending rates nearly a week after CBN’s MPR cut FG engages World Bank for fresh $1.5 billion loans Delta drives N67.6 billion rise in states’ domestic debt to N4.59 trillion in Q2 2026 The stronger accumulation has also pushed reserves above the CBN’s projected year-end level. Reserves cross $54 billion Nigeria’s external reserves maintained an upward trajectory throughout much of 2026, crossing several key thresholds during the period. Reserves reached $50.04 billion on June 4 and rose to $51.04 billion by June 18. The stock climbed to $51.92 billion on August 12 and crossed $53 billion on August 24, reaching $53.11 billion. Reserves stood at $53.90 billion on September 1 before crossing $54 billion on September 3 at $54.08 billion. 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. Reserves exceed CBN projection 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. Foreign capital inflows strengthen 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. Foreign portfolio investment accounted for a substantial share of the inflows. Portfolio investment reached $3.37 billion in January 2026, representing 95.72% of total capital imported during the month. The stronger inflows coincided with increased activity in the foreign exchange market and periods of improved naira performance at the official market. Experts warned that portfolio investments can strengthen reserves and improve foreign exchange liquidity, but they are generally more sensitive to interest rates, exchange-rate expectations and global investor sentiment than longer-term foreign direct investment. The reserve trajectory also shows that accumulation accelerated as the year progressed.

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Stories By Olusegun Odunewu

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