By Ajibola Olaide, JKNewsMedia Reporter
FOREIGN EXCHANGE reserves reached $55.25 billion in September, extending a steady rise that has pushed the country’s external buffer to its strongest level in 18 years, the Central Bank of Nigeria (CBN) has disclosed.
JKNewsMedia.com reports that the CBN said the latest figure in its foreign reserves’ statistics, showing that the reserves can now sustain 11.3 months of imports, well above the international benchmark of three months.
The bank also notes that the reserves have recorded steady growth over the past three years, driven by increasing foreign exchange inflows.
It says the Dangote Refinery has also contributed to the growth by helping preserve foreign exchange previously used to import petroleum products.
From $45.57 billion on January 2, 2026, the reserves rose to $54.86 billion as of September 24, representing a 20.4 per cent increase over the first nine months of the year.
The CBN adds that the gain is significantly higher than the increase recorded during the corresponding period in 2025.
Reserves rose by about $1.32 billion between January 2 and September 24, 2025, moving from $40.88 billion to $42.20 billion, it affirms; stressing that the increase recorded during the first nine months of 2026 was therefore about seven times the gain posted over the same period in 2025.
A statement by Bayo Onanuga, presidential spokesperson on his X handle notes that, the latest figures from the CBN have added to the picture of improving external balances, with the bank reporting stronger current account and balance of payments surpluses alongside the rise in foreign reserves.
He writes that the current account surplus increased by 67.92 per cent from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter, while the balance of payments surplus rose from $2.38 billion to $3.51 billion over the same period.
Onanuga also notes that the figures were contained in the communiqué issued after the 307th meeting of the Monetary Policy Committee (MPC) held on September 21 and 22, 2026.
The committee also reset the Monetary Policy Rate (MPR) at 23 per cent from 26.5 per cent and recalibrated the Standing Facilities Corridor (SFC) around the new rate.
CBN Governor Olayemi Cardoso said the improvement in the country’s external position had contributed to greater stability in the foreign exchange market, adding that foreign exchange pressures had receded significantly as the country rebuilt its external buffers.
Meanwhile, foreign reserves stood at $55.25 billion as of September 18, while the CBN said the position was sufficient to finance 11.3 months of imports of goods and services.
—
Share Your Story with us!
Advertise with us!
Publicity for a product, service, or event!
Contact: WhatsApp Only: +2348039560647
Email: jkmediapress@gmail.com
