By Business Desk | September 7, 2026
Key Points
- Gross foreign reserves increased to $54.083 billion as of September 3, up $277 million since the start of the month
- Reserves ended August at $53.806 billion, providing about 10.5 months of import cover above the CBN’s $51.04 billion full-year target
- Stronger oil receipts, remittances and foreign portfolio inflows are supporting external liquidity, although softer crude prices remain a risk
Main Story
Nigeria’s gross foreign reserves rose to $54.083 billion as of September 3, extending the country’s external liquidity buffer and providing about 10.5 months of import cover. Data from the Central Bank of Nigeria (CBN) showed that reserves increased by $277 million from $53.806 billion at the end of August.
Cowry Asset Limited said the August closing reserve position remained above the CBN’s $51.04 billion full-year target and strengthened Nigeria’s external liquidity position.
The increase has been supported by stronger foreign exchange inflows, including oil receipts, remittances and portfolio investments. The CBN recently disclosed that remittance inflows had reached about $1 billion monthly.
Moody’s said Nigeria’s strong current account surplus, sustained remittance inflows and continued, although moderating, portfolio inflows had supported the accumulation of foreign exchange reserves.
Foreign portfolio investors have also continued to target Nigerian financial assets, supported by improved sentiment around the ability to repatriate capital from the country.
The reserve position comes as global oil-market conditions remain an important determinant of Nigeria’s external earnings. Brent crude declined 7.46% in August to $83.40 per barrel from $90.12 at the end of July, while Bonny Light fell 6.64% to $88.50 per barrel from $94.79.
Cowry Asset Management Limited said Bonny Light nevertheless remained $13.50 per barrel above Nigeria’s 2026 budget benchmark of $75, providing some support for fiscal and external balances.
The stronger reserve position and sustained FX inflows remain supportive of the naira at the official market, although the impact of crude prices and portfolio flows will remain important for the outlook.
What’s Being Said
Moody’s said the combination of a strong current account surplus, remittance inflows and portfolio inflows has supported Nigeria’s accumulation of foreign exchange reserves.
Cowry Asset said the reserve position provides a stronger external liquidity buffer, although developments in crude prices and foreign exchange demand remain important considerations.
What’s Next
- The CBN will continue to manage foreign exchange liquidity as seasonal demand evolves
- Investors will monitor crude oil prices and portfolio inflows because both remain important sources of Nigeria’s external foreign exchange earnings
- The direction of global oil prices and foreign investor demand will influence the pace of reserve accumulation in coming months
Bottom Line
The Bottom Line: Nigeria’s reserves have moved into a significantly stronger position, providing a larger buffer against external shocks and supporting confidence in the foreign exchange market. The durability of that improvement will depend on whether oil receipts, remittances and capital inflows continue to outweigh external pressures.
