Nigeria's reserves jump $9.29B in 9 months, exceeding CBN's 2026 target by $3.8B

Nigeria’s external reserves rose by $9.29 billion in the first nine months of 2026, more than seven times the $1.32 billion increase in the same period of 2025. Reserves grew from $45.57 billion on January 2 to $54.86 billion by September 24, a 20.4% gain that already exceeds the Central Bank of Nigeria’s projected year-end level of $51.04 billion by $3.82 billion.

This accumulation reflects sharply higher foreign capital inflows: Nigeria attracted $10.37 billion in Q1 2026 alone—up 83.8% from $5.64 billion in Q1 2025. Foreign portfolio investment drove much of this surge, accounting for 95.72% of January’s total capital imported. While experts note these inflows boost reserves and foreign exchange liquidity, they warn portfolio investments are more sensitive to interest rates, exchange-rate expectations, and global investor sentiment than longer-term foreign direct investment.

The reserve build-up accelerated through 2026, crossing $50 billion on June 4, $51 billion on June 18, $52 billion by August 12, and $53 billion on August 24 before surpassing $54 billion on September 3. The September 24 figure of $54.86 billion represents an additional $2.20 billion from the $52.66 billion recorded on August 24. This provides a substantially larger external liquidity buffer compared to the $45.57 billion reserves at the year’s start.

With reserves now above projections and providing a stronger economic buffer, should Nigerians expect lasting naira stability from this growth, or prepare for potential volatility given the reliance on volatile portfolio investments that could reverse quickly with global market shifts?

SOURCE: https://nairametrics.com/2026/09/28/nigerias-reserves-gain-9-3-billion-in-9-months-7x-2025-increase/